La Trobe Financial has revealed the switch to positive credit reporting could help drive a “record year” for loan origination.
Chief executive Greg O’Neill told The Adviser the credit specialist expects to see a steady increase in third-party volumes over the coming two years.
La Trobe, he said, would grow its team of relationship managers from 12 to 20 by the end of this year and has started training its BDMs to make indicative credit decisions for brokers.
“We are also recruiting further experienced staff to add to our team of decision-makers, making sure they are armed with the tools and knowledge that could possibly make 2014 a record year for La Trobe Financial,” Mr O'Neill said.
The lender is likely to benefit from the introduction of positive credit reporting in March, he continued.
“La Trobe Financial does not credit score; instead, we assess each application on its merits using a common sense approach,” he said.
“The incoming reporting regime will actually drive more business our way until other credit scoring organisations figure out how to handle the additional data that will be available.”
Mr O’Neill forecast that La Trobe would reduce approval times and settlement times in 2014 by improving its broker servicing.
“We will be announcing more new products in the next few weeks and further competitive improvements which will mean brokers will be logging onto our electronic loans closing system, making loan settlement faster and easier,” he said.