Loan Market’s five ways to ace compliance
‘Compliance’ and ‘best-practice’ can be all-time-consuming, but necessary as the mortgage broking industry prepares for the implementation of Best Interests Duty (BID).
Rather than seeing BID as something to fear (or worse ignore), we’ve worked with our brokers and used this as yet another reason for our customers to continue to choose us – because we work for them.
In response to legislation, we have launched an integrated tech-driven and ‘compliance by design’ process, The Loan Market Way, which is designed to save our brokers time and keep them safe.
Here are five ways Loan Market is keeping brokers safe and saving them time ahead of BID legislation in January 2021
1. BID-safe reg-tech tools
Compliance has always been an arduous task for business owners and brokers. However, being compliant in the digital age, means reg-tech tools can do much of the heavy lifting, you’ve just got to know what to look for and how to implement them into your process.
As we approach BID, collecting comprehensive customer short and long term objectives and detailing the rationale for your lender recommendation is super important!
Reg-tech tools Goal Setter and Game Plan are our answer. They are customer-facing, integrated and enhance business efficiency. These tools will not only keep your business safe, but impress your customers too.
2. Ongoing coaching to constantly improve
There are always opportunities to improve, and compliance is no exception.
With a simple traffic light rating system, we determine each broker’s degree of compliance using our Market Leading Audit Program (rated in the top percentile by Westpac and CommBank).
The report includes an opportunity section, which presents a summary of best practices and issues identified.
The broker’s individual Loan Market Broker Success Manager will then work with them to assist and support them to address these issues, and advice processes.
3. Good back-end support
Brokers that do their own admin soon find they’re drowning in paperwork when they should be focussing on attracting clients, or worse still they start making compliance mistakes.
Brokers can save time on admin and processing with help from experts in office administration whether it’s data entry into your CRM, loan lodgements and tracking, submission of supporting documents, ordering valuations, raising price requests, and coordinating settlements.
Loan Market has a division called Broker Support Unit for brokers that are happy to get help.
4. BID Risk Assessment
Who doesn’t love data?
When it comes to BID, the devil is in the detail. So we’ve developed a report that takes all of this data and gives brokers insights into where they can make improvements to their compliance.
From file notes, goals and objectives to lender spread and rationale, we measure it all.
5. BID-ready buddies and training
No one wants to have to keep a log-book of their learning. So if it’s tracked automatically, it’s a load off your mind. Plus, we all learn differently.
That’s the thinking that led us to develop our learning platform, Springboard, which hosts more than 800 pieces of content – podcasts, training tools, videos and more – for brokers to utilise when they’re ready. Plus it records and tracks your continuous learning.
Combined with daily training webinars and a national training calendar, our brokers have everything they need to be ready for BID.
If you’re interested in learning more about Loan Market’s processes to keep you safe, compliant and protect your business and The Loan Market Way, click here.