Making the most of your lending panels

Providing access to a broad range of lenders is a key function of a mortgage broker, which is why Choice is constantly reviewing and updating its lending panel to deliver the most competitive solutions to members.

Currently our lending panel consists of 37 residential lenders and around 20 commercial lenders, allowing brokers to tailor their offering to suit specific client needs.

With this many lenders and products available, there is a lot for brokers to keep across. But it’s certainly worthwhile – given that the more familiar you are with different lending policies, the better placed you’ll be to meet a customer’s unique needs. So here are some tips for making the most of your aggregator’s lending panel.

Get to know your lenders face-to-face
As every lender’s products, policies and niches are different, the best way to understand the nuts and bolts of their operations is to speak with them in person. Good aggregators will usually hold regular networking events and information sessions, where lenders will present their products and brokers can ask all the questions they need.

Some of the ways we do this at Choice include Residential and Commercial Business Development Days and a Lender Expo held across five states, where our members can speak with representatives from a wide range of lenders. We also facilitate small, informal lunch or coffee meetings between lenders and brokers, which have proved very popular with our members.

Learn from your peers
In addition to speaking directly with lenders, speaking to other brokers about their experiences can also be invaluable. Your peers can share insights on different lenders’ policies and approaches and help you to become aware of any opportunities or challenges you should be aware of.  The feedback we get from our members is that they really appreciate Choice’s Peer-to-Peer learning sessions and hearing from broker case studies at our Lending Expos.

Leverage the available tools
Broker software platforms can be a powerful asset when it comes to comparing lenders. Take the time to explore the functions of your aggregator’s system. Many technology systems now offer functionality that goes far beyond comparing lenders, allowing for specific searches for niche providers and sharing of information with clients, to enrich the client experience.

Technology has also facilitated more efficient administration and faster processing times, with electronic lodgement and document transfer tools allowing much more seamless communication with lenders.

Lean on your aggregator
There are, of course, times when brokers need the support of an aggregator when dealing with a lender, whether that is due to a more complex deal or issues with communication.

Typically, aggregator Partnership Managers maintain very strong relationships with lender BDMs and State Managers and can assist with negotiations or even request urgent escalation of an application to get to a point where all parties, including the client, are happy.

This can be tough at times but our success rates at Choice are very high and we pride ourselves on getting the right result for our members.

Robbie De Bari is a Partnership Manager for NSW with Choice. This article is part of a series featuring Choice Aggregation's broker support team focusing on how they help their brokers overcome common challenges. Find out more http://www.choiceaggregationservices.com.au/success.

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Recruiting the right people
Getting the most out of peer-to-peer learning
Ella Moradi on tips for tackling marketing