Bluestone Mortgages has announced it will reward brokers with a $500 bonus for submitting a loan application that requires no reworking.
The lender said many of the loan applications it receives do not include all of the required supporting documentation, which leads to extra work and unnecessary delays for all parties involved.
“A high percentage of applications come in without a number of the things we need,” Bluestone national sales manager Royden D’Vaz said.
“This affects the speed with which we can turn an application around because extra time must be spent chasing the missing information, and this leads to a longer turnaround time,” he said.
Mr D’Vaz said all lenders have their own checklist of what they require to process an application, so it is important for brokers to understand what each one is looking for.
“Our commission structure is already very strong, and this is an added incentive to encourage our brokers to become familiar with the checklist and the necessary documents that we require to submit an application,” he said.
“We are trying to nurture this behaviour, and if we can help the application process along by providing a reward to those who are getting it right the first time, then it will benefit everyone.”
The broker bonus applies to all fully packaged applications submitted between April 7 and June 5 and which are settled prior to December 1.
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