The aggregator has updated the way it determines its mortgage broker rankings, moving away from a settlement-based metric to one that incorporates customer satisfaction.
Loan Market Group has announced that it has updated its Awards and Recognition Program so that brokers being considered for its Premier, Elite, Platinum Elite and Chairman’s Club rankings will no longer be judged by the value of business generated.
Instead, brokers will be ranked by the number of customer loans settled and customer satisfaction. For example, Premier brokers will need to settle 75 loans in 12 months, while Platinum Elite will need to settle 175.
In addition to the number of customers serviced and their accompanying satisfaction, brokers must also meet minimum audit standards to be admitted to the rankings.
Loan Market added that settlements will be assessed by deal rather than customer. As such, a broker who settles a home loan and a car loan for the same customer will have the two deals assessed separately in the tally system for brokers.
Repricing and additional services (such as insurance, utility connections and wealth planning) will also be treated in the same way.
According to the aggregation group, the move marks the biggest change to its Awards and Recognition Program and better aligns the ranking with the incoming best interests duty and the group’s standards for compliance, business efficiencies and customer service.
Andrea McNaughton, Loan Market Group’s executive director of network success, commented: “In readiness for the best interests duty, we’ve introduced The Loan Market Way to set standards for compliance, business efficiencies and customer service.
“It has enabled us to measure customer outcomes with our Awards and Recognition, a focus we’ve always held highly but haven’t celebrated within our rewards system.”
Ms McNaughton added that the change to the awards program would recognise the multilevel relationships brokers forge with their customers.
She said: “I’ve always thought we had the best rewards program in the industry, but we’ve now made it even better, reflecting the reason why our brokers get out of bed in the morning – their customers.
“Ultimately, it’s about rewarding our brokers for the number of customers they help, not the size of the loans. As a family-owned business, we’re all about people first.”
Loan Market’s commercial brokers will continue to be recognised on the existing dollar format in “recognition of the unique nuances of commercial finance”.
[Related: Loan Market grows compliance team]
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