One leading mortgage professional has revealed how a different way of working with the banks is leading to better customer outcomes.
Speaking to The Adviser, uno home loans founder and CEO Vincent Turner explained how the online broker is essentially a conduit that ultimately leads borrowers to a better relationship with their mortgage provider.
“Our job is to represent the lenders in all of their glory, not just on price and policy,” Mr Turner said.
“We want to make sure the service and all of the other products the bank can offer are visible to the customer. The decision is based on having a full banking relationship with the customer, not just a race to the bottom on price. Ultimately, we introduce the customer, and we like that as a commercial model, but we don’t think of them as ‘our customer’.
“The bank provides the product. We provide a service that accompanies that product. I think that is resonating with the banks, because that’s not how a broker thinks.”
Last month, the Westpac-funded broker received direct accreditation with ANZ. The company, which expects to receive $50 million worth of mortgage applications next month, employs a head of partnerships specifically focused on building relationships with lenders, rather than borrowers.
“The role is very much about explaining to the banks that the journey they experience with us is very different to what they experience with a traditional broker,” Mr Turner said.
“If you can enable the banks to lend to the customers they want to lend to, those customers will get a better outcome,” he added.
Eager to distinguish itself from fellow fintechs like Joust, LoanDolphin and HashChing, Mr Turner describes uno as a “digital mortgage service” that marries comparison sites, traditional mortgage broking services and a digital banking experience.
However, the CEO stressed that comparison price discovery and rate shopping provide limited value to both borrowers and lenders.
“Most of what is sold to a customer is policy discovery — who will actually lend you the amount you need and with a set of features that allow you to achieve what you are trying to achieve,” Mr Turner explained.
“That is why you go to a broker. But a traditional broker only really deals with a handful of lenders, because it is technically challenging to work with 25 lenders. You can’t possibly know all of that stuff in your head, which is why we put it into a platform and centralised it.”