Suncorp Bank has today announced the appointment of its new head of broker partnerships.
Troy Fedder will next week join Suncorp as its new head of broker partnerships.
The new position has been created as part of the bank’s new operating model and renewed focus on the broker channel.
The purpose of the role is to design, implement and build the mortgage broker distribution strategy for Suncorp Bank to enable it to achieve above system growth in home lending while delivering exceptional broker and customer service.
Mr Fedder joins Suncorp from Commonwealth Bank of Australia (CBA), where he most recently held the role of national executive manager, strategic partnerships, third party banking.
Prior to this, he was the executive manager home buying strategic portfolio management.
Mr Fedder has held various executive positions within the banking and financial services industry over the last 15 years and is said to have a strong "track record of driving business performance and transformation, innovation, and strong customer outcomes".
He will report into Bruce Rush, executive general manager, consumer lending, who in turn sits under Clive van Horen, Suncorp banking and wealth CEO (and also a former CBA executive).
Mr Rush said the new position and the appointment was “an exciting development and reinforces Suncorp’s ongoing commitment to the mortgage broking industry”.
“Troy is well known in the market and has a proven track record in delivering strong growth and positive business outcomes through his proactive and engaging approach,” Mr Rush said.
“He brings an extensive understanding of the home lending portfolio and significant experience in engaging with the market and delivering changes for the benefit of all stakeholders.”
Commenting on his new role, Mr Fedder said the move comes at “an exciting time” where there is appetite and vast opportunity to grow the bank’s presence and share in the broker market.
“The mortgage broker industry plays a pivotal role in delivering meaningful outcomes for customers given the incredible proposition that broker’s offer,” Mr Fedder said.
“The future of the broker industry is incredibly bright, and I am looking forward to Suncorp playing an even greater role in creating positive changes that will deliver material benefits for our customers, brokers and the industry as a whole.”
Mr Fedder commences his role at Suncorp on 7 December 2020.
Earlier this year, Suncorp Group CEO Steve Johnstone told The Adviser that Suncorp would look to lift volumes by further expanding its presence in the Queensland market, where approximately half of its loans are originated.
“We do have an opportunity in Queensland overtime to grow in the market where our brand is strongest,” he said.
According to Momentum intelligence’s Broker Pulse data – based on broker feedback – Suncorp’s turnaround times have steadily improved on last year, from an average of just over 12 business days at the close of 2019 to around nine business days in October 2020.
However, the improvement in Suncorp’s processing times is yet to translate to an increase in broker usage, with the share of Broker Pulse brokers lodging applications with the bank still hovering around 13 per cent this year.
Suncorp’s mortgage portfolio has remained relatively stable over the past year, with its home loan book sitting at approximately $46.5 billion as at the end of FY20.
[Related: Suncorp eyes growth in broker space]
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.
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