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Credit adjustments prove invaluable for lender

by Staff Reporter8 minute read

Jessica Darnbrough

ING DIRECT’s decision to implement a raft of new credit policies and a new credit assessment review team is paying dividends for the lender.

Since introducing 18 policy additions and creating the new credit team responsible for reviewing the quality of credit assessment decisions, ING DIRECT has seen significant improvements in its internal data as well as receiving overwhelmingly positive feedback from brokers.

ING DIRECT’s head of broker distribution Mark Woolnough said in eight weeks the lender has created a stronger credit culture where brokers are receiving clearer, more accurate and consistent credit decisions.


“We have minimised the amount of additional information we request from brokers, or in some cases, issuing approvals which may have previously been declined at initial assessment,” he said.

“In 43 per cent of cases, where we previously requested further information, those loans were reviewed by the new credit team and approved on the spot.

“These improvements not only make the process quicker for the broker, it makes things easier for the broker, and the brokers dealing with their customer.

“The changes have also simplified and improved communication and that in itself has been welcomed by our broker partners. This program is clearly addressing a key detractor that brokers previously identified, and we’re really happy with the results.”

Credit changes included enhancements to income criteria and verification, simpler treatment and allowances for depreciation add-backs and others relating to smaller properties.

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