The Australian Mortgage Broker Survey 2007 - The Broker-Lender Relationship
The Australian Mortgage Broker Survey 2007 - The Broker-Lender Relationship - New Research Report on Companies and Markets
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Introduction
The broker channel has become more important in the Australian mortgage market, and it has become crucial for lenders to manage their relationships with brokers. Drawing on results from Australian Mortgage Broker Survey, this report provides insight into the broker-lender relationship by analyzing various areas such as commissions and services offered to the broker by the lender.
Scope
Uses Australian Mortgage Broker
Survey to understand how brokers feel about different aspects of their interaction with lenders. Discusses future issues that will affect the relationship between brokers and lenders. Examines ways in which lenders can differentiate themselves by implementing a long-term strategy for managing the broker channel.
Highlights
Although there clearly are improvements to be made, in general, brokers are happy with the relationship they have with lenders´ business development developers. The broker survey shows that 25% of respondents are very satisfied with their relationship with the lender´s representative, while only 2% are very dissatisfied. The advantage of commission-based remuneration is that it provides an excellent incentive for sales. The disadvantage with such a system is that broker incomes become volatile, and that the incentive can lead to shortsighted behavior. Trail commissions have the potential to align lender and broker interests. Among the various aspects of service, fast loan approval and turnaround emerges as primary issues for mortgage brokers in the Australian Mortgage Broker Survey 2007. Around a fifth of surveyed brokers name turnaround times in response to open-ended questions about areas in which lenders should improve.
Reasons to Purchase
Gain invaluable insights into how lenders can achieve success using the mortgage broker channel. This report includes survey results that promotes a strategic understanding of the mortgage broker channel. Learn about the most important product features for brokers´ clients and adapt your product offering accordingly.
Introduction
The broker channel has become more important in the Australian mortgage market, and it has become crucial for lenders to manage their relationships with brokers. Drawing on results from Australian Mortgage Broker Survey, this report provides insight into the broker-lender relationship by analyzing various areas such as commissions and services offered to the broker by the lender.
Scope
Uses Australian Mortgage Broker
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Highlights
Although there clearly are improvements to be made, in general, brokers are happy with the relationship they have with lenders´ business development developers. The broker survey shows that 25% of respondents are very satisfied with their relationship with the lender´s representative, while only 2% are very dissatisfied. The advantage of commission-based remuneration is that it provides an excellent incentive for sales. The disadvantage with such a system is that broker incomes become volatile, and that the incentive can lead to shortsighted behavior. Trail commissions have the potential to align lender and broker interests. Among the various aspects of service, fast loan approval and turnaround emerges as primary issues for mortgage brokers in the Australian Mortgage Broker Survey 2007. Around a fifth of surveyed brokers name turnaround times in response to open-ended questions about areas in which lenders should improve.
Reasons to Purchase
Gain invaluable insights into how lenders can achieve success using the mortgage broker channel. This report includes survey results that promotes a strategic understanding of the mortgage broker channel. Learn about the most important product features for brokers´ clients and adapt your product offering accordingly.
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