Steve Jobs, the former CEO and co-founder of technology giant Apple, once famously said: “Innovation distinguishes between a leader and a follower.” While the broking industry has, for too long, been a follower when it comes to technology, times are changing. In the last year alone, the sophistication and proliferation of broker tech are making the channel of choice a clear leader, empowering brokers to lead the way, delivering unparalleled service, and closing deals with lightning speed.
From lenders and aggregators to innovative broker-created tools, technology is helping brokers reduce their administrative burdens, enhance client engagement, and ultimately, do what they do best: deliver exceptional service and close more deals.
Open banking
The big technology transformation that is truly shaking up mortgages is open banking. While the regime has been beset by issues and delays, its ability to open up a broker’s back book and provide clarity on what rate, loan size, and other liabilities a borrower has is a game changer, particularly in a rate-changing environment.
Traditionally, brokers have been unable to easily view the current rate of their back books, but more are turning to open banking-backed technology to help them find their clients a better deal.
For example, mortgage broker retention platform Sherlok has reported a sharp rise in demand for its Sherlok RateTraker services as borrowers seek out the most competitive rates.
More than $200 million in broker client loans was connected to Sherlok RateTraker in the two weeks following the February rate cut by the Reserve Bank of Australia (RBA), which the company said reflected an “industry-wide push to strengthen client retention”.
On average, brokers now link over $100 million per week to Sherlok’s rate tracker, the fintech told The Adviser, highlighting a shift towards automated rate tracking as brokers work to ensure clients remain on competitive rates without the need for manual loan book reviews or client outreach.
Similarly, fintech platform Stryd, which has a Stryd Broker repository (a real-time product and pricing database that can be used by mortgage brokers to help them find better interest rates for their clients), told The Adviser that it had reviewed $67 million in broker loans over the two weeks following the rate cut. The percentage of loans with a better offer for this period was 45.50 per cent.
Over the 12 months from September 2023 to September 2024, Stryd reviewed $100 billion in home loans on broker books and in 51 per cent of cases, found there was a more competitive product or pricing offer available.
Rate tracking is no longer a once-a-year process, brokers at the top of their game are increasingly integrating real-time rate monitoring into their workflow, saving time and resources in post-settlement rate management.
Aggregator all-in-ones
Aggregators and brokerages are also constantly looking at their customer relationship management (CRM) platforms and optimising them for broker businesses, with some going for complete transformations.
Loan Market Group made the move in March to launch a CRM that covers all broker deals, including residential, commercial, and asset finance.
The MyCRM Diversified, which the group says is “Australia’s only end-to-end CRM for residential, commercial and asset finance”, brings together all deals and lender policies under one CRM.
The group believes the unified platform is a “game-changer” for brokers, as it gives them everything they need to manage a client’s full financial needs in one place (rather than utilising multiple systems), thereby accelerating workflow. Even though some don’t want to write diversified finance, having a platform that enables them to refer it out if they want to (without using an extra system or paying for an extra service) also helps in speeding things along for them and their clients.
Lendi Group is also developing several tech products and embracing AI in an effort to help enhance customer and broker experience. Under its new vision to transform Aussie from a linear mortgage broking business into a fully integrated property ecosystem supporting Australians to ‘Find, Buy, and Own’ property, it is embracing artificial intelligence (AI) to make the group a one-stop shop for all things property.
This includes integrating AI into streamlined property searches, conveyancing, and mortgage tracking through tools like Aussie Homes and Live Equity, offering real-time insights and transparency. Their platform also connects buyers with Aussie Buyer’s Agents and bridging loans, while incorporating services like insurance and sell-side support with tools like Seller Assist and Aussie for Agents.
With these innovations, Lendi Group aims to provide a buyer-centric, fully integrated property journey that addresses complexity and enhances customer experience at scale.
Lender technology
Lenders of all shapes and sizes are also radically changing their tools and tech. From major banks right down to customer-owned lenders, everyone is laser-focused on making the mortgage process more efficient.
Some, such as AMP, are totally redoing their origination platform. Developed in collaboration with brokers, the lender has partnered with Simpology, MSA National, and other tech partners for the system (being rolled out imminently), which includes features like real-time income verification and pre-populated application data, which help reduce errors and save time.
By embedding existing tools into the platform, brokers can verify income upfront using Equifax’s Verification Exchange, harness automated valuation models, collect bank data using illion BankStatements, and even automate the digital ID verification process, accelerating the process in one end-to-end solution. AMP Bank’s director of lending & everyday banking, Michael Christofides, says: “With these upgrades, brokers can expect faster approvals, fewer compliance hiccups, and a smoother experience overall.”
Similarly, UBank has revamped its mortgage broker platform to simplify the loan lodgement process and reduce admin headaches. The new platform, which went live in March after broker pilots, also integrates smart tools and client data directly to reduce the need for manual verification, saving brokers’ valuable time.
Automation is another key feature of the platform, with faster credit decisions and live status updates keeping brokers in the loop at every stage. As a result, brokers are able to deliver faster, more accurate service, reducing delays and improving client experience.
The platform also offers a smoother, more streamlined customer verification process, with a single email replacing the previous multi-step approach. “We’ve really focused on removing the pain points from the lodgement process,” George Srbinovski, head of broker distribution at UBank, says. And it’s working. Brokers can now verify income using smart statements, significantly cutting down on paperwork and expediting loan submissions.
Built by broker for broker
But it’s perhaps broker-built technology that has had the best adoption recently. Broker-created CRMs such as BrokerEngine (now owned by aggregator AFG) have long been a favourite among loan writers, while serviceability solution provider Quickli has won over many hearts and minds with its ability to bring together multiple calculators (including lender calculators and borrowing power ones) in one platform.
Now, it’s enabling brokers to harness its technology for clients, while utilising their own branding.
At the Better Business Summit this year, Quickli unveiled a new set of white label widgets to help turn broker websites into lead conversion machines. These five new widgets, which can be embedded into a broker’s website or communications, allow clients to instantly calculate loan repayments, stamp duty, borrowing capacity, refinancing feasibility, and more.
Quickli’s CEO Angus Keatinge says: “A broker’s website should do more than just exist; it should reflect their expertise and help nurture both new and existing clients.” These widgets therefore aim to do just that – providing accurate, lender-specific data that keeps potential clients engaged, builds trust, and helps brokers convert those website visitors into long-term clients.
Another broker-founded technology platform offering a new white label solution is LoanOptions. ai. The fintech and asset finance brokerage unveiled its new AI-powered tool, HAILO, which aims to make the mortgage application process faster and easier for brokers and clients alike. By automating much of the client onboarding process, HAILO can reportedly reduce application times to as little as five minutes and cut down on data entry by up to 80 per cent.
In five years, we won’t just be talking about faster applications – we’ll see fully AI-powered mortgage assessments that eliminate back-and-forth delays
- Julian Fayad, founder, LoanOptions.ai
LoanOptions.ai’s founder Julian Fayad says that the company’s decision to develop this technology was driven by demand from mortgage brokers who were using their technology for asset finance. They wanted a similar tool to overcome the cumbersome process of lead conversion and mortgage application. “Brokers, lenders, and aggregators have told us exactly where the pain points are, so we built a solution designed to solve them,” Fayad says.
And the potential for AI in home lending is huge, he says. “The future belongs to those who embrace digital transformation,” Fayad says. “In five years, we won’t just be talking about faster applications – we’ll see fully AI-powered mortgage assessments that eliminate back-and-forth delays, automate compliance, and provide hyper-personalised lending solutions based on real-time financial data.”
Looking ahead, Fayad believes that AI will continue to reshape the way mortgages are assessed and processed. “Brokers who leverage AI and automation will scale effortlessly, while those still relying on outdated, manual processes will struggle to compete,” he says.
Cracking the code
As the mortgage industry continues to embrace new technology, brokers are reaping the rewards in the form of greater efficiency, improved client engagement, and ultimately, more closed deals. Technology is helping brokers cut down on time-consuming admin and focus more on building relationships with clients.
But perhaps most importantly, these technological innovations are making it easier for brokers to deliver the kind of personalised, fast, and reliable service that today’s clients expect. As the industry continues to evolve, those brokers who embrace the tools and solutions that make their lives easier will be the ones who thrive in a competitive market. The future is here and it’s digital – those who adapt will lead the way.
