State of Play - October 29, 2019
Why award-winner Mick O’Shea swears by Broker Support Unit.
Loan Market’s specialist Broker Support Unit has services to help you win back more time. From data entry, lender follow-ups, valuation orders and settlement coordination between solicitors and lenders all the way to lodgement and pre-settlement, BSU is the go-to for broker support. Don’t take our word for it!
Why did you decide to enlist BSU in your business?
Initially, we engaged BSU to cover unforeseen staff absences when we needed an extra pair of hands to input applications that are time critical. It didn’t take long to realise that there was real value and efficiency in the support they provide.
What has been the biggest change in your business using BSU?
The rationale behind committing to BSU was simple – we have a member of our team based in an office where their whole peer group spends the majority of their day using myCRM and Apply Online. It gives as greater capacity to service our existing clients better, and provide high quality outcomes for new clients.
Why would you recommend BSU to other brokers?
I cannot recommend BSU more highly, it adds a further dimension to our business in terms of what we deliver for our customers. The pricing structure demonstrates great value for the service provided and I don’t think brokers can afford not to use it. An unexpected and really valuable benefit is that they’re Loan Market trained and this has helped us achieve better audit results. I real win.
Want to start saving time?
Contact Jenny Carla Braga at email@example.com of Jenny Juban on firstname.lastname@example.org or call (02) 9246 2335.
Audits don't have to be spooky
5 Tips to acing your audits
The audit team is here to help you ACE your audits every time and keep you and your business safe.
So all your files are compliant, but you’re still not in the green with your audits? Some of the most common issues the audits have uncovered are:
- Exposed Tax File Numbers
- Insufficient Bank Statements
- ID copies not certified
- Inconsistent Information
- Lack of notes where Living Expenses is lower than HEM
- NCCP docs completed after Product Selection
But have no fear, with some extra care you can ensure these don’t creep up on you going forward.
Here’s what you can do:
- Include detailed Requirements & Objectives
Your client’s R&O should broadly capture details of their short-, medium- or long-term objectives, amount of credit needed or the maximum amount of credit sought, timeframe for which the credit is required, purpose and benefit of obtaining the credit, security for the credit, particular product features or flexibility sought, and existing products proposed to be refinanced.
- Document why the product was selected.
Effective Credit Assistance is a methodical process of considering and assessing a range of strategies and products that may meet your client's identified requirements and objectives. Capture in a detailed narrative format why the product was recommended and how it meets the client's requirements and objectives.
- Discuss Exit Strategies
Document details of the client’s plan and methods to be able to repay loan at the point of retirement. It varies depending on the applicant’s age, financial position, income level and plans for retirement. Also, in assessing suitability for an older borrower, broker has to take into account the client’s financial resources and capital.
- Take Additional Steps to EDUCATE the client
Go the extra mile to place the client in a position to better comprehend the credit proposal, its basis and it’s profound impact on them.
- Properly label uploaded docs
Extra points are credited to those who make personal efforts to make the uploaded documents more easily understood, organized and more concise.
Your top focus for future audit rounds
- Consistency of information across all the forms.
- Verification of declared dependants or non dependants.
- Quality and Comprehensive notes.
- Comparison of previous audit reports and identifying recurring issues.
- Best practices to improve audit scores
Did you know we have a selection of Audit Thrive training sessions? They are all available on Springboard here.