Westpac has been quick to quash media reports that it will cut the number of broker groups it uses to sell home loans from 87 to 60.
A report in The Australian Financial Review claimed Westpac is poised to cut its network of broker groups by 27 after tightening the accreditation process to weed out underperformers.
A Westpac spokesperson for the bank told The Adviser that while some brokers had lost their accreditations with Westpac, the alleged culling of 27 broker groups was “purely speculative.”
“We ask brokers to write at least one Westpac loan every six months and, if they fail to do that, we ask them to undertake a formal reaccreditation process,” the spokesperson said.
“While the number of individual brokers cut from our network would probably be in the hundreds, I have not heard where or how many groups have lost accreditations, or even if any have been cut.”
According to the spokesperson, Westpac’s decision to implement minimum volume requirements back in July 2009 was done so to improve the Westpac customer service experience.