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Industry should set 80% conversion benchmark: Heavey

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Australian Broker | 15 Jul 2011, 05:45 AM Agree 0
Brokers should be able to hit 80% conversion ratios as an industry-wide benchmark, St George's Steven Heavey has stated
  • BONED | 15 Jul 2011, 11:02 AM Agree 0
    I think you will find most 'authentic' Brokers would love to consistently achieve >80% Conversion Rates HOWEVER, Lenders need to be on the ball with this too! We can't control Valuations (for those Lenders that don't allow us Upfront Val's), Credit Score, inexperienced Credit Officers to name a few! It's always difficult to also ascertain past history with a Lender - we don't have access to your systems!! It seems that with some, anything outside of 'vanilla' is sometimes just too difficult and treated accordingly! So, while you and us would all like to achieve the maximum conversion rates, it is NOT purely in our hands!! This is where common sense requires application!

    I have no problems with 'conversion rates/metrics', however i believe they should be targeted at its intended audience - the Brokers that submit loan app's on a wing and a prayer, the the experienced ethical Broker who's trying to support you but fails due to circumstances out of their control...
  • SKEPTICAL | 15 Jul 2011, 11:03 AM Agree 0
    Mr Heavey says"With all the tools brokers have these days, such as serviceability calculators and up-front valuations, 80% should be a reasonable benchmark. I think the industry needs to say on a whole that 80% is a reasonable benchmark. We're not shying away from quality," Heavey said.


    That's true Mr Heavey but you forgot to mention the absolute Brilliance and fortitude of the Brokers achieving that benchmark and BETTER by juggling all of the Banks every time they change their products or lending policies.
  • marty | 15 Jul 2011, 12:17 PM Agree 0
    1) What about when a client declines a lender during the application stage due to the lender asking for more documentation that is not on their simplistic checklists.

    2)What about ckient pulling out due to poor buidling report.

    3)What about a lender taking too lonmg to approve a deal and the client missing out on the property.

    3) what about inexperienced credit assessors declining perfectly credit worthy applications or see point 1)

    I for one am sick of being talked down to by lenders about quality. Look at your own shops first.
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