A new knowledge-sharing initiative that asks brokers to share the experiences they have with lenders in order to understand how lenders are faring has been launched by Momentum Intelligence.
Momentum Intelligence, the research arm of the Momentum Group, has launched a new survey series that aggregates the experiences of Australian mortgage and finance brokers each month to quantify how lenders are performing in the third-party channel on an ongoing basis.
The Broker Pulse initiative primarily aims to help keep brokers abreast with the latest changes in performance as experienced by their counterparts.
On the first day of each month, participating brokers are asked to share their experiences with lenders in a short survey.
Questions include those focused on average turnaround times and consistency of credit assessors, among other things.
In return, participating brokers gain access to this shared knowledge base, which pools the responses of all brokers who have contributed to provide unrivalled peer-to-peer insight of the lenders that have been servicing brokers most effectively in the third-party space, across a range of loan types.
The results of the survey are reported a week after the survey opens.
The survey series has a secondary function of providing insight into how lenders are performing month-on-month and enabling lenders to identify where they can work to improve.
The Broker Pulse complements Momentum Intelligence’s Third-Party Lending Report, which is a broker sentiment survey of their lender experiences over the course of the year.
Speaking of the new initiative, Michael Johnson, Momentum Intelligence’s head of strategy, commented: “The Broker Pulse is a brand-new initiative developed by Momentum Intelligence to create a community-driven knowledge base for brokers to share the experiences they have with lenders.
“By sharing the findings with participating brokers, they have unrivalled insight into which lenders have the best service levels in the third-party channel, saving them time and energy.
Mr Johnson outlined that participating brokers had already welcomed the initiative, with several suggesting that it helps them pick the lender that is providing better service/time frames for their clients and see “real outcomes from brokers”.
Brokers interested in joining the Broker Pulse panel can apply to Momentum Intelligence here.
[Related: Changing of the guard]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
The non-major bank has teamed up with a credit reporting firm to ...
At-risk women living in SA will be given access to free financial...
Napoleon Finance broker and director Sam Carello has revealed his...