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Credit assessors earned their highest satisfaction score from brokers in April, according to a new survey.
Analysis of the latest monthly Broker Pulse survey from Momentum Intelligence has found that credit assessors are increasingly delighting brokers.
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Conducted between 1 and 15 May, the Broker Pulse survey received 274 responses from brokers, who rated their experiences with the lenders they had used throughout the month of April 2023.
It showed that brokers gave credit assessors an overall score of +53.
The April figure is the highest score credit assessors have received since the inception of Broker Pulse and is 7 points higher than the score they received in March.
The peak satisfaction level comes as brokers lean on credit assessors to help a record number of borrowers refinance their mortgages. A growing proportion of borrowers are also rolling off their fixed rate onto variable-rate loans or enter the mortgage market for the first time.
Given the rapidly changing interest rate environment — and amid tightened serviceability — having good access to a capable credit assessment team has been increasingly important to brokers helping these clients.
Whose CAs are scoring the best?
Credit assessors at several lenders saw their positive ratings increase in April.
Bankwest credit assessors earned the highest positive rating from brokers in April (95 per cent) in the most commonly used authorised deposit-taking institutions (ADI) segment, up from 87 per cent in March.
It unseated Macquarie Bank, which slid to third position, although the non-major bank’s assessor rating increased by 1 percentage point month on month, to 93 per cent.
The largest improvement was at Suncorp, where credit assessor ratings increased by 15 percentage points to 94 per cent. The lender moved from seventh to second position in April.
Out of the big four banks, the assessors at the Commonwealth Bank of Australia (CBA) ranked highest (but fifth overall among the most commonly used ADIs), with an 89 per cent positive rating, up from 85 per cent in March.
St.George Banking Group also gained ground in April with a 42 per cent positive rating (up 14 percentage points since March), but it was still ranked last among the most commonly used ADIs.
While brokers didn’t give any of the most commonly used banks a score of 100 per cent positive, this was not the case in the other two lender segments.
BCU (part of the P&N Group) scored a 100 per cent positive rating in the less commonly used ADI segment, for example, and MyState Bank gained ground with a 92 per cent positive rating (up from 85 per cent the previous month).
Third-ranked Teachers Mutual Bank saw its credit assessor rating soar from 83 per cent to 91 per cent month on month.
In the most commonly used non-bank segment, AFG Home Loans was the only lender to receive a perfect score. However, Connective Home Loans — which scored 100 per cent in April — received a 75 per cent positive rating in March and, as a result, slid to seventh place in that segment.
Despite the strong results, brokers’ comments about credit assessors were mixed.
Some brokers commended credit assessors for being helpful and easy to contact and communicate with and for collaborating with them to achieve the best outcome.
However, others observed the opposite, stating that assessors send emails instead of calling, which they said causes delays.
Some brokers called for onshore credit assessment teams rather than offshore, while others said interactions with credit assessors remain difficult.
As well as strong credit assessor satisfaction, broker scores for business development managers (BDM) also remained at a record high of 61.
While none of the most commonly used ADIs achieved a 100 per cent positive rating, Bankwest scored a 97 per cent positive rating and Macquarie Bank scored a 95 per cent positive rating.
However, St.George Banking Group BDMs continued to face challenges, with their positive rating tumbling from 66 per cent in March to 51 per cent in April.
BDMs at three of the less commonly used ADIs and three most commonly used non-banks did receive perfect scores from brokers, however, according to the Broker Pulse survey.
Non-bank BDMs were not quite so lucky, with five of the most commonly used non-banks receiving a negative rating in April, up from two in March.
To participate in next month’s Broker Pulse survey or for more information, click here.
[Related: BDM satisfaction score hits new milestone]
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