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Upfront valuations, online service level agreements and the management of ancillary products – This month we ask...How can your prime lenders help improve your business?
Upfront valuations
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The main issue I have is the rework involved when resubmitting an application due to shortfall as a result of a valuation. The cost for the bank let alone the broker would far outweigh the cost to obtain a valuation, so obtaining a valuation upfront would resolve a lot of these issues in how to structure a deal or even whether to proceed with an application. Some banks provide a solution to this, but the vast majority don’t or only provide preference to select brokers.
Dave Kerr, Finances For You
Turnaround times
I need more transparency in loan assessment processing queues. Although most lenders have online systems to allow the checking of loan statuses and comments, there is no indication of the service level agreements that apply to a loan application. A lot of time is wasted on the phone to lenders to ask about the position of a file in the assessment. If I could see those service level agreements online, that would make communication with my clients much easier.
Louise Stanton, Mortgage Choice
Changes to loans
Lenders should advise brokers of movement within clients’ loans, eg. a discharge request, a large payment or a request for additional funds. Even using an active CRM system, it is impossible to monitor every detail of every client every day. Some lenders provide this advice, but usually the first time a broker becomes aware of movement is when a client has gone to another broker (and probably another lender) or directly to the lender for extra funds.
Michael Sudarski, Priority Lending
Ancillary products
The one area where I feel my main lending partners could help my business and where I feel least helpful to my clients is around the delivery of the ancillary products and processes that are all part of introducing a new client to a lender. Offset accounts, debit cards, credit cards and internet banking are all set up in the background along with the loan. I would like much more visibility around these processes so we can easily check that everything is on track and has been set up correctly.
Marty McDonald, Mortgage Experts
Value of BDMs
Provide a service that allows me to service my clients in a quick and efficient manner. Upfront valuations are a given – if we don’t have access to them, they won’t get our business. It’s most important that the BDMs have the capacity to provide some real value to my business and assist with getting over those little hurdles that credit tends to provide from time to time, such as quick approvals, urgent loan documents and anything else that needs the BDMs to get involved.
Allan Culbertson, WMP Finance
