The major brokerage has launched a team of 90 support staff based in the Philippines to assist its brokers with their client files.
Loan Market has announced the launch of an internal team of 90 support staff to assist its brokers with client files in what it said is aimed at sustaining workloads amid increased borrower enquiries.
The major brokerage has partnered with PSO Manila Ltd to develop the outsourced Manila-based BrokerForce team, which would provide brokers with additions to their on-the-ground operations, it said.
The support staff has been trained across two different models, including BrokerForce Total and BrokerForce Lite.
Under the BrokerForce Total option, brokers are partnered with a dedicated support staffer that would manage the file process end-to-end, the major brokerage explained.
It said that this could be an option for brokers who have in-house client support managers who are at capacity and require a support option that has been trained in the Loan Market Way.
Under the second option, brokers could utilise personnel in a pay-per-service agreement and could use this option when their in-house client support managers are on leave or they experience a spike in self-generated or referred leads, according to Loan Market.
The support staff undertake a four-week bootcamp to learn about the MyCRM functionality, lodgement checklists, post-settlement communications, and modules on Australian culture and communications, the major brokerage said.
The team also has knowledge of local regulation, data security, technological equipment, and training, and is trained in Loan Market’s systems and processes, while team members must have at least two years’ experience in either Australian, Philippine or US financial services, it said.
Each team member has a team leader who evaluates their work as part of the quality assurance measures, it added.
Loan Market executive director Andrea McNaughton said that more than 20 per cent of the major brokerage’s brokers have signed up to BrokerForce following the launch, and added that the team would be expanded, with two further hiring rounds committed to.
She said: “BrokerForce is an in-sourced solution which means, from the very first file brokers hand over, the expert is trained in Loan Market’s processes and standards. The process is mapped and measured for continuous improvement in lifting quality and turnaround times.
“BrokerForce experts are also exposed to the professional development opportunities we host in Australia, including weekly CSM catch-ups, peer-to-peer learning sessions, monthly performance reviews and more.”
BNK Banking Corp’s aggregation division, Finsure Group, recently introduced an option for brokers to have their loans processed in-house.
Under the arrangement, brokers will have the option of having their loans processed through an in-house broker support service, which includes a fraud prevention specialist.
[Related: Loan Market reports CSM influx]
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Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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