Brokers will soon notice changes to the mortgage settlement process at NAB, as it focuses on the “fulfilment” of its service offering for brokers and clients beyond the actual credit decision.
Steve Kane, general manager at NAB Broker, told The Adviser that the bank is working to enhance its service provision and streamline the property transaction process for everyone involved.
“It's around fulfilment, it's around how we settle the transaction, how that whole process works to ensure that the broker and the broker's customer gets the best possible service,” Mr Kane said.
As revealed last week by The Adviser's sister title Mortgage Business, NAB Broker has signed a deal with SAI Global to employ its popular Settlement Room program.
The virtual settlement platform was launched in late 2014 to improve the efficiency of the property settlement process, and in less than 12 months has already facilitated in excess of $15 billion in transactions.
“We have reviewed, over time, our relationships and we feel that SAI Global is going to be able to take us to the next level in the way we provide those services. That's often what's called the back-office, where it's really around the fulfilment process, posted credit approval, documentation and settlement to make sure that is as smooth as possible,” Mr Kane said.
He added that accuracy and efficiency are a key part of this service provision.
“We set ourselves benchmarks around making sure we don't miss settlements, that documentation is accurate and that the process around that enables us to offer better service to the broker's customers, so it will enable better service for brokers and their customers.”
Benjamin Balk, SAI Global’s general manager of product and marketing for property, said the deal with NAB Broker will help the group expand beyond its core range of services to financial institutions.
“We see further opportunities in both property and financial services where our capability and operational excellence can be applied to other adjacent areas, which we’ll look to apply in 2015-16,” Mr Balk said.
[Related: Brokers to benefit from new alliance]