Brokers are pushing for changes to valuation ordering as a key priority from lenders in order to turn around loans faster for their clients.
In The Adviser’s Third-Party Banking Report – Non-Major Lenders, a number of brokers commented about the state of online valuations among the non-major banks.
“Some [are] still not offering online valuation ordering,” said one broker.
Others pointed to the need for upfront valuations.
“Nil upfront valuations equals very poor [service]. All lenders lack consistency and rigour. You place too much emphasis on valuers, and it does not matter if they get it right or wrong. We are unable to effectively challenge incompetent valuations,” one broker complained.
“Upfront valuations are a must these days,” noted another.
Of the 10 non-major profiled in the report, Macquarie Bank rated well above any of its peers when it came to online valuations.
“We were an early adopter of enabling brokers to order valuations upfront, creating certainty for the broker and providing greater efficiencies in processing a loan by knowing the valuation amount of a property prior to lodging an application,” said Doug Lee, head of sales and distribution – intermediaries at Macquarie Bank.
“We recognised early the value of providing brokers with access to an online valuation ordering platform and invested accordingly.”
Mr Lee said the bank is continuing to enhance its valuation platform to provide further efficiencies.
It comes as Macquarie Bank works on rolling out a new core banking platform.
“The launch of Macquarie’s Core Banking platform next year will help to create greater efficiencies across all our processes and will lead to an even better experience for both borrowers and brokers,” Mr Lee said.
“The new online and mobile banking platforms will expand and enhance Macquarie’s retail banking and financial services solutions to a broader and expanded customer base, transforming the way borrowers interact with us by enabling them to have a full banking relationship, supported by a world-class digital experience.
"Brokers will also benefit from enhanced service with improved transparency and access.
“Macquarie is on a continuous journey of looking at ways to enhance our offering across the whole value chain, supported by technology that will be the enablers to broader and deeper relationships," he added.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
After its management restructure, Loan Market Group will continue...
The chairman and chief executive of Heritage Bank have addressed ...