Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Aggregators locking out lenders

Notify me of new replies via email
Australian Broker | 11 Aug 2011, 06:30 AM Agree 0
Aggregators have been lambasted for being too slow to update their lending panels for the benefit of brokers and clients, in a letter written to Australian BrokerNews
  • Ozboy | 12 Aug 2011, 09:17 AM Agree 0
    Not surprised by this our aggregator can't keep it's commission area up to date, we know that the information we give to customers is wrong and we try to find out the correct information before telling them but it is very difficult to do this from a broker level. We have advised our aggregator of 4 instances this year alone where their information has been wrong, only once has it been updated the other 3 are still incorrect with hundreds of brokers relaying this incorrect information daily. Our aggregator takes 4 and 5 days to get product and interest rate information out to us, we have to purchase an outside system to have any faith in the information presented. If aggregators can't get information, force fed to them, out in a timely manner from their current lenders even if you got on the panel who would know what information would get pushed out to us. Perhaps it's time you went direct to the brokers some lenders do this really well and the reap the benefits. And yes I know we could change aggregators but from our extensive investigations there is really no one who does that well.
  • oldBroker | 15 Aug 2011, 12:03 PM Agree 0
    I agree, Ozboy... and these problems will only get worse with the aggregators facing shrinking margins and increased compliance costs.
Post a reply