http://www.brokernews.com.au/mpa/article/whos-to-blame-for-application-problems-129367.aspx
Just went through this article and just wondered if the experienced brokers on this site have any input?
The broker is responsible for submitting the correct information and supporting documents. It's in our best interest to get this right the first time because it can result in additional info being requested and the deal being placed back at the end of the cue (frustrating for all). Therefore, a lot of the burden should rest with the broker.
However, there are certain banks where stuff ups at their end are constant (faxes go missing, loan docs aren't sent, etc) – there's a few that I don't even bother dealing with any more because the process/experience is too painful for everyone concerned.
There are also times when the application goes belly up because of the client as well. There's nothing worse than having a deal be knocked back because the client has a default on their credit file (whether it be known to them or not) or they haven't been upfront with all of their liabilities, etc.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
How do you feel about the proposed borker practicing certificate outlined in the article? There doesn't seem to be any criticism of the level of broker training. I can't see how another course would improve a person's attention to detail (which seems to be the complaint). Do you think it would make any difference?
itsandrew
Go as far as you can see and you will see further.
No Andrew I don’t think it will make any difference whatsoever.
I have just had a forum client email to say that a Broker wants to charge her $12,000 for setting up a debt reduction program for her which is an elaborate way of using a line a credit facility with an interest free credit card and using a auto sweep.
The firm concerned are Licensed all hold their Cert 4 and Diplomas but still in my mind doesn’t make their actions ethical or honest.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A good broker is personable, has a sound understanding of lender policy/procedures, a good working relationship with lenders, loan structuring, good attention to detail, honest, ethical and efficient. In my mind, it's something that's not provided in a course – it's experience coupled with personal attitudes/attributes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
The CBA person has been aiming at brokers for a long time, I'm surprised that CBA still deal with any brokers based on her views and I'm somewhat more surprised she is still employed in her position. Brokers are their clients but CBA do not seem to understand the concept of customer service yet extending that far.
I agree with Jamie, brokers are first line responsible for getting the documents together, checking that they make sense, they service, fit into policy and are consistent and look correct (not fraudulent) and provides sufficient notes explaining what and why for the loan.
It is always a source of frustration to brokers that the branch channel can get loans approved so much faster than we can and I am very sure (as backed by the comments made in the article and others based on the NAB experience) that the branch channel has a similar issue with application quality. I am also sure most experienced brokers are far more knowledgeable and qualified than the vast majority of bank staff.
Greg
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