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New online accreditation system launches

by Reporter8 minute read
The Adviser

A Queensland-based non-bank lender has become the latest lender to provide an online accreditation system for mortgage brokers. 

Firstmac has launched a new online system that requires brokers to complete an online form and watch a training video. The data they enter into the form is then sent to their aggregator for confirmation and authorisation, should all relevant requirements be met (i.e. licence numbers, external dispute resolution, etc.).

Once authorised by the aggregator, Firstmac then issues the broker with access to its website and product suite and assigns them a broker identification number.

According to the company’s national sales manager Jake Sanders, the approval process can take around one hour (depending on aggregator approval speed), and requires just 10 minutes of online work.


Mr Sanders said: “Most brokers these days are really comfortable with technology, so it is time to move beyond systems that force brokers to attend off-site training.

“We understand that brokers are busier than ever, so we are continually looking for ways to speed things up for them.

“Old-fashioned accreditation processes have been a major waste of time, so we have created a simple solution which offers industry-leading accreditation speed.”

Firstmac has said that it hopes to boost its number of accredited brokers, which currently sits at around 5,800, and thus increase distribution.

[Related: Firstmac exits wholesale funding]