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The most seamless tech solution in the market frees up time to write more loans
Amid an unprecedented period of low interest rates, first home buyers and investors are becoming even hungrier in the market, making house prices as competitive as ever, with the financing broking industry continuing to experience strong growth. Mortgage brokers are fielding record levels in customer enquiries, which makes it more important than ever to keep them in the game servicing loans and meeting new clients. Whether consumers are buying their first home or investing in residential property, the commitment to take out a loan is one of the biggest financial decisions they will make.
There are now around 17,000 mortgage brokers in Australia, with this number rising year on year, highlighting the buoyant appeal and confidence of the housing market in attracting more brokers to the industry (MFAA, 2021). Brokers now write 66.9% of all residential loans, justifying the broker channel as the channel of choice for Australian consumers. Although the number of mortgage brokers in Australia continues to go up, brokers repeatedly tell Effi that they are having difficulty keeping up with the demands of their clients and increased workloads - especially with customer expectations of fast turnaround times.
With technology evolving, customers are doing more of their own research on appropriate lenders, rate comparisons, offset accounts, customer service and payback schedules. There is a growing trend of customers finding the best deals themselves instead of going to a broker or a lender. In fact, according to a recent broker survey, establishing customer acquisition was a key concern of brokers who are new to the industry. 90% of borrowers do some sort of research on websites, such as comparison websites, before speaking to a mortgage broker or lender (ASIC, 2019). This means that brokers often need to build their brand on these websites as a top mortgage broker in the area to remain competitive. Effi has partnered with high traffic websites to showcase mortgage broker’s profiles and assist them in building their brand as a top mortgage broker.
There’s no doubt that the three top challenges that mortgage brokers face today are poor time and workload management; lead generation and pipeline growth; and not having the correct systems and processes established. The Mortgage & Finance Association of Australia furthers this, revealing that 51% of young brokers attest time and workload management as their most pressing professional challenge, 44% staying up to date with legal and compliance changes, and 42% lead generation and marketing (MFAA, 2021). Compliance continues to become more burdensome in recent years as lender policies changed regularly and legal and government regulation has become more onerous, with each client taking at least double the time with lenders to get approvals (MFAA, 2021).
Studies also reveal that 47% of young brokers need more support in marketing, branding and lead generation (MFAA, 2021). Starting out in the broking industry is like starting any business: marketing is key, but the wrong marketing could cost you thousands of dollars with no meaningful outcome.
Mandeep Sodhi, Founder and CEO of Effi, identified these challenges while working with startups. Determined to address these challenges, he quickly found a solution by creating the Smartest Mortgage Broking Platform, to help mortgage brokers become more efficient in their administrative processes to maintain afloat when struggling with poor time and workload management as well as to avoid becoming overwhelmed and burnt out. Effi continues to strive towards creating an industry that will extend positive customer outcomes into the future.
The popular lead management platform was created to help brokers reduce their admin time and focus on boosting their cash flows. Effi is not your typical Customer Relationship Management Program. The lead management platform will save you hundreds of dollars a month with features such as unlimited bank statement collections, 2-way calendar sync, e-signature capability, electronic document collection, as well as many other tools and features. In addition, brokers can manage their cash flow better by using Effi’s upfront payment commission feature. Settlement funds can be paid within 24 hours of approval using Effi.
“Mortgage brokers consistently prioritise relationships with their clients because their work is always about them. Effi understands this priority, which is why we strive to remove the barrier of administrative time in order to give brokers more time with their clients, getting to know them better and understanding their goals of achieving their dream homes. The importance of having the right tools is vital in ensuring these relationships are supported, whilst streamlining the day-to-day workflow of those brokers”, said Mr Sodhi.
“At the end of the day, Effi helps keep brokers in front of their customers and that’s a win-win in any scenario. Less time on admin and more time writing loans is what mortgage brokers want.”
For further information on Effi’s platform, visit https://effi.com.au.
About Effi
Effi is passionate about making mortgage broking simple and intuitive. Founded by Mandeep Sodhi, the company’s mission is to help mortgage brokers become more Efficient in managing borrower relationships. Through its AI-powered fintech platform, Effi provides a complete end-to-end platform that offers lead engagement and management functionality, together with predictive analytics to help mortgage brokers improve their productivity and enterprises provide a seamless and sophisticated experience to their mortgage brokers.
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