Effi to launch enterprise platform

The first client to sign on is platform provider Loan Street.

Under the deal, Effi’s lead management platform will power Loan Street’s back end.

Through the Loan Street platform, brokers will be offered mentoring, business coaching and wider skills training.

Loan Street founder and former broker Darren Liu commented his company is aiming to help brokers provide a concierge service to borrowers.

“We are offering a full service for brokers. We’re creating a new industry eco-system of convenience and goal planning,” Mr Liu said.

“Unlike other digital lenders, we use technology to boost the efficiency of our mortgage brokers and back-office, not replace them.”

Loan Street is also planning to launch exclusive loan products through the platform.

The company also referred to a report from the Mortgage and Finance Brokers Association of Australia’s (MFAA), which found that brokers need support in starting and growing their businesses; referrals and sales skills; and marketing, branding and lead generation.

Mandeep Sodhi, founder and chief executive of Effi commented the partnership with Loan Street will help brokers become more relevant, particularly for newcomers in the industry.

“There is now the support and guidance they need to generate and cultivate needs and get the support and guidance they’re looking for,” he said. ᐧ

“At Effi, we are committed to powering and supporting the mortgage broking industry, rather than disrupting it.

“Our main goal is to keep innovating the platform to make it as seamless and helpful for brokers as possible.”

In November, Effi teamed up with cash-flow finance provider Possibl to offer brokers upfront commissions in advance.

[Related: Lend welcomes new head of broker & 3rd-party distribution]