One aggregator has created a new fact-find procedure that will reinvent the way brokers conduct the overall lending transaction.
Outsource Financial chief executive Tanya Sale said the traditional fact-finder method currently adopted by brokers is old and out-dated and needs to be re-invented to make it easier for the client and the loan writer.
As such, the company has developed a new process called a Client’s Needs Analysis or CNA. Ms Sale said the difference between a CNA and a fact find is that the CNA not only covers all of ASIC requirements but also becomes a tool that will plan for the present and the future of the client – effectively a mortgage plan.
According to Ms Sale, the CNA effectively cuts down the time it takes to write a loan as the CNA can also be used as the loan application as it captures all the information that a lender would require.
“Under the current method, brokers have to keep asking their clients to sign different disclosure documents. With a CNA, a broker’s client will only be required to sign one form,” she said.
Ms Sale told The Adviser that she has already spoken to six lenders in a bid to have the CNA procedure adopted by the industry as standard, and the response had been “positive”.
“If brokers could see the CNA in action, they would realise just how beneficial it could be to their bottom line. We want to introduce it to the industry, but we need the banks to recognise the process first.”
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