Leading aggregator eChoice says bridging the communication gap between brokers and lenders will be the key to avoiding any unintended consequences arising from future regulation and policy changes.
GM of Aggregation at eChoice, Blake Buchanan, says aggregators are set to become a pivotal player when it comes to keeping the lines of communication open and active, should regulators make any further recommendations.
He says: “With APRA and ASIC unlikely to stay silent during 2016, the potential for additional ‘supervision’ for the mortgage industry remains. And we see ourselves as being the critical point of difference to how brokers meet the expectations of customers in a fluid regulatory environment.”
“We therefore expect change to happen and have ensured effective structures are already in place within our compliance programs to support brokers dealing with customers at the coal-face, through regular communication that is clear, timely and consistent,” he explains.
Buchanan adds that all brokers need to be assured their aggregator is prepared, so their business isn’t negatively impacted when this invariably happens.
“They need to feel supported and confident in their communication with the borrower and that can only come if the aggregator takes the role of quality control and embraces forward thinking,” he says.
Buchanan says well communicated information to customers from brokers on any changes is empowering for the customer and strengthens the overall relationship – so with brokers now responsible for more than half loans written, lenders and brokers must be talking the same language.
He says: “As the regulatory platform changes, communication between lenders and brokers will need to move to a new level to ensure expectations are met across all channels – and in particular the needs of the customer.”
“Speed of loan approval is obviously still important, but consistency in communication in the current environment is paramount. We want to avoid brokers becoming disenfranchised as policy and processing changes continue to affect the customer experience,” he added.
Buchanan says policy makers also need to be mindful of the chain of influence a small change can make and the potential this may have on volume flow.
“Ensuring we bridge all communication gaps will serve to protect our industry by illustrating to governing bodies that the customer is at the centre of everything we do,” he said.
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