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For the first time since the Broker Pulse surveys began, lender BDMs achieved a satisfaction score of over 60 from brokers, the highest on record.
Analysis of the latest monthly Broker Pulse survey from Momentum Intelligence has revealed that lender business development managers (BDMs) are increasingly delighting brokers.
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In the latest Broker Pulse survey — covering broker experiences in the month of March — lender BDMs achieved a score of +61.
This was 4 points higher than the +57 points in February 2023.
The survey of 250 brokers (conducted between 1–18 April 202) asked brokers to provide comments on their experiences with lenders, including their BDMs.
Many brokers commended the BDMs for their services and for providing “excellent” and timely support.
Several lenders received a 100 per cent satisfaction score from brokers in March, including non-major banks BCU, Citibank, and Newcastle Permanent. However, these lenders were used by fewer than 20 per cent of broker respondents.
BDMs at the aggregator lending arms also scored perfect points, with AFG Home Loans and Connective Home Loans receiving full satisfaction.
Of the most commonly used lenders, Bankwest BDMs replaced ME Bank BDMs at the top spot in March, with 97 per cent of broker respondents rating their experience with the BDMs as positive.
Similarly, AMP Bank BDMs jumped from 10th to second position in March, with their positive rating surging from 70 per cent in February to 92 per cent, while 91 per cent of brokers reported having a positive experience with Commonwealth Bank of Australia (CBA) BDMs; 10 percentage points higher than February. As a result, the major bank climbed from seventh to third place in the most commonly used bank segment when it came to BDM satisfaction.
Credit assessor scores falling
Conversely, credit assessor scores dropped to +46 in March, the lowest score since September 2022, when it was +43.
While many brokers commented that their experience with credit assessors was positive, others disagreed, with some calling for more training to be provided to credit assessors.
Indeed, one broker said, “Assessors are pedantic and hit and miss”, while another remarked that some of the credit assessors are not very experienced and said, “My feeling is they rather decline the deals to make their lives easier”.
Analysis of the performance of individual lenders revealed that Macquarie Bank retained the top spot out of the most popular lenders, with 92 per cent of brokers reporting that they had a positive experience with its credit assessors.
Bankwest ascended from fifth to second position in March, while its positive rating for credit assessors rose slightly to 87 per cent.
While CBA’s positive rating dipped from 87 per cent to 85 per cent, it climbed from fourth to third spot in March.
Satisfaction with credit assessors at St.George Banking Group plunged in March, with only 28 per cent giving them a positive rating, down from 40 per cent in February. The lender remained in the last spot in the most commonly used ADI segment in March.
In the less commonly used ADI segment, ubank finished first with a 90 per cent positive rating from brokers, while MyState ranked second with 85 per cent.
Credit assessors at AFG Home Loans and Connective Home Loans matched the performance of BDMs and received a 100 per cent positive rating from brokers.
Momentum Intelligence director Michael Johnson said: “BDMs are at the coalface each day and they often are the first port of call for brokers when the assessors are more challenging to contact.
“Our Broker Pulse community has been recognising the solid work that BDMs are doing and, clearly, this month highlights a new high for broker satisfaction with BDMs.”
To participate in future Broker Pulse surveys and for more information, click here.
[Related: Brokers flocked to major banks in March: Broker Pulse]
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