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Non-bank announces broker cash bonus scheme

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Julia Corderoy | 08 Apr 2015, 08:36 AM Agree 0
A non-bank lender has announced broker bonus scheme, which can give brokers a cash reward on every successful loan application
  • Patrick Marion | 08 Apr 2015, 11:32 AM Agree 0
    I thought it was a given that a loan had to be submitted with complete supporting documentation. If brokers have to be rewarded specifically for that, it says something about the quality of these brokers.
  • Broker | 08 Apr 2015, 12:37 PM Agree 0
    Agree 100% with you Patrick - Do Bluestone really think that a Broker would be motivated by that?---if so , it is rather insulting.
  • Michael Kent | 08 Apr 2015, 05:06 PM Agree 0
    Boardroom meeting - Head of credit raises the issue about sloppy submissions from the broker channel.....ideas get tossed around until they come up with this gem!

    It won't improve the quality of submissions "once a sloppy broker ALWAYS a sloppy broker".

    A better idea would be to throw the dud loan submission back in the face of the broker/s in question with a note saying "once you submit everything we have requested we will assess this loan".

    Paying them $500 to do something that should be a given, especially if they have any pride in what they do, is just absurd!

    It's like saying to a child "We will pay you $500 if you do your homework".
  • A. Sic | 09 Apr 2015, 01:16 PM Agree 0
    Lol they won't be paying out too often judging by the amount of brain surgeons in this industry...
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