Head to head: How important is a good BDM to your business?

Brokers rely on BDMs for good relationships, understanding credit policies, and lender support

By MPA

27 Apr 2020

John Kennedy
Principal
Mortgage Choice

“A good, proactive BDM is crucial for a good relationship with any lender. While it’s great for a BDM to be able to clarify and assist with policy, process and pricing, the exceptional BDMs are those that will ‘take the fight’ to Credit on deals, and those that get involved and can get deals looked at, fixed and escalated when needed. Too many will just say the request has been ‘escalated’ or ‘noted’, but the good ones make sure things get done, and appreciate the deadlines. If a deal can go to either Lender A or Lender B, and the pricing, turnaround time, etc., is similar, then it is often the quality of the BDM that determines where it does go.”

Quentin Grofski
Franchisee
Aussie Morley

“BDMs are experts in the credit policies of each product. They generally know how certain aspects of the deal will be viewed by the credit team. This is really important for my business when assisting customers who may not fit 100% of the lender’s credit policy. The BDM will have seen similar scenarios and will be able to provide a level of comfort on how the application will be assessed. In addition, they can provide an indication of the potential to discount rates and fees, which enables me to manage customer expectations upfront. They can also act as the conduit between the assessment team, if issues arise, all of which supports me in providing exceptional service to my customers.”

Amy Small
Finance broker
Professional Lending Solutions

“A BDM can be important to many aspects of running a business. A broker represents their clients’ best interests and in an application process may need to present an argument to convince the lender for an approval. A BDM can provide lender insight, niche interest and support within that lender so you can get that approval through. It is like having someone on the inside but on your side. I have many wonderful BDMs who make the loan process easy and manageable so that the client has a great experience as well. A BDM also provides lender education, as policies change so rapidly and keeping on top of 40 different lenders can be tough. A good BDM is a reliable contact when a policy needs to be checked and/or clarified. I don’t know what I would do without a good BDM.”

A partnership that works

Taking home the gold medal for BDM support in this year’s Brokers on Banks survey was Macquarie, after jumping from seventh place the year before. Ben Parham, Macquarie’s head of personal banking, said, “We know ongoing support is one of the most important things when it comes to brokers running their business, so we’ve invested heavily in our BDM team to make sure our broker partners are getting world-class service as well as the support they need every time we work together. We talk about partnering with brokers, because that’s how we see it – it’s a partnership. That means working together, listening, and understanding each other – all with a view to securing the best possible outcomes for clients.”