Tuesday’s MFAA-hosted industry meeting has revealed a number of pledges made between lenders and broker groups to improve third-party channel service levels.
“All possible” would be done to ensure third-party demand levels were being met at a comparable time frame to the proprietary channel, lenders pledged, and clear communications on service levels and updates would be provided.
Lenders also agreed to provide as much notice as possible to brokers in the case of credit policy amendments as well as provide detailed data as to re-work and error rates for broker groups, it said.
Broker groups said they would also institute training to remedy re-work and error rates and ensure brokers were provided with adequate information to ensure realistic borrower expectations.
The 22 industry representatives also concured that the service level issues had arisen from three unique circumstances – the increased first home owner grant, low interest rates and a material decrease in lenders operating in the market.
A further meeting will be held in three months time to review the impact of the agreements made.