White labelling has been identified as a growing sector within mortgage lending and a firm driver of market competition.
According to Choice Aggregation Services chief executive Stephen Moore, brokers are increasingly recognising the huge impact that having access to a white label product offering can have on their business.
“This is the fastest growing area of lending in the third party channel and with good reason. White labelling can give brokers a high degree of control in their business – and with the client,” he said.
“Many brokers love the fact that white labelled products are only available through them - clients can’t take it to the local bank branch and price compare. This is of considerable value to the broker and the client. And the broker is not burdened with the responsibility and administration that would ordinarily be involved if they were a true mortgage manager.”
Mr Moore said white labelling will continue to evolve and be a key plank of Choice’s broker value proposition.
The aggregator’s product suite, called ChoiceLend, is now the highest volume non-bank lender – a fact recognised by the judges of the Australian Lending Awards plus Choice’s holistic support structure to help brokers confidently write this business.
“White labelled products generally offer a faster turnaround than traditional lenders and this can in many instances be the biggest consideration for the borrower. The broker has far greater access to the credit assessment staff with a white labelled loan and this gives the broker considerably more control and confidence when it comes to managing client expectations,” he said.
Yesterday, Choice was recognised in the white label space, winning the coveted Best White Label Program at the 2012 Australian Lending Awards.
The award recognised Choice’s success in evolving and implementing a white label program into its business, plus the uptake by its broker partners.