Remove the stigma of specialist lending, says expert
BDM in the Spotlight and State Manager in the Spotlight are a regular series, giving brokers insight into the lives of some of the country’s leading relationship managers.
MPA spoke to Resimac BDM Marcell Midolo about his favourite part of the job, what brokers should be demanding from a BDM and lender relationship, and his take on what industry-wide changes may benefit brokers.
Having previously worked as a “chef” at McDonald’s, Midolo has worked in the finance industry for 21 years.
Asked what he enjoyed most about his role, Midolo said it was the opportunity to problem-solve. When a scenario arrived on his desk, Midolo said he jumped into “challenge accepted” mode.
“My mission is to pull it apart, ask all the right questions and look at the strengths of the deal so I understand how we can place it,” he said. “Given our spread of prime, alt doc and specialist products, I’m optimistic we have a home for it in some way or another.”
The successful brokers were those who listened and viewed every scenario as an educational opportunity, he said.
Name: Marcell Midolo
Title: Business Development Manager
Years in the industry: 21
Company: Resimac
Location: Melbourne, Victoria.
Briefly describe your role and how you support brokers
My main focus is to work with new and existing brokers to help them meet their customers’ needs and objectives. Naturally, this involves promoting the product niches and benefits of selling Resimac as a solution.
A goal you aim to achieve in your role over the next year?
My aim is to get back to being the number one BDM at Resimac. By nature, BDMs are competitive. And I’ve worked with some of the best over the years who have put up some tough competition.
I reckon it starts with looking after your brokers: the rest will follow.
What sets successful brokers apart?
These are brokers who listen. Every scenario is an educational opportunity, not just for the deal they’re currently working on, but for every deal going forward. When a broker understands the issues at hand and how they can be solved with the help of an understanding lender it assists them beyond the current transaction.
This is a relationship and service-based industry, and I believe brokers can learn and grow from their BDM relationships.
What should brokers be demanding from a BDM and lender relationship?
Speed and consistency. Given we live in a time-sensitive industry, timely responses are important. Consistency of answers and/or results translate into approvals.
What industry-wide changes do you think would benefit brokers?
I think the industry needs to move away from the stigma of specialist loans (and non-conforming clients) being ‘dirty ‘or ‘taboo’. Unfortunately, some applicants are perfect to lend to, but they find themselves in a situation where they are considered ‘outside the box’ compared to prime applicants.
Likening their situation to being a square peg in a round hole doesn’t mean they don’t fit a loan; it just means they fit a specialist loan.
What do you provide to brokers that make you valuable?
Knowledge and timely answers. Anyone can read policy, but further knowledge comes from understanding the interpretation of that policy by the credit team. This provides an understanding of what can get a deal across the line, given the strengths and merits of the individual deal, while also adding the wisdom of positive outcomes based on previous scenarios and experiences.
Describe your ideal weekend
Give me sunshine, water and a jet ski. Kids are optional.
BDM in the Spotlight features a range of BDMs within the industry. MPA most recently featured Tim Lemon, senior BDM at Orde Financial and Sonia Partol, senior BDM at AMP Bank.
