Better communication between brokers and lenders is the key to avoiding any unintended consequences arising from future regulation and policy changes, a national aggregator has said.
General manager of aggregation at eChoice, Blake Buchanan, says he expects regulatory change this year and it is the role of the aggregator to help brokers better communicate with lenders through these changes.
“With APRA and ASIC unlikely to stay silent during 2016, the potential for additional ‘supervision’ for the mortgage industry remains. And we see ourselves as being the critical point of difference to how brokers meet the expectations of customers in a fluid regulatory environment.
“We therefore expect change to happen and have ensured effective structures are already in place within our compliance programs to support brokers dealing with customers at the coal-face, through regular communication that is clear, timely and consistent.”
Well communicated information to customers from brokers on any changes is vital to the broker/client relationship, says Buchanan.
“Speed of loan approval is obviously still important, but consistency in communication in the current environment is paramount. We want to avoid brokers becoming disenfranchised as policy and processing changes continue to affect the customer experience.”
However, Buchanan says policy makers also need to be mindful of the chain of influence a small change can make – and the potential this may have on volume flow.
“Ensuring we bridge all communication gaps will serve to protect our industry by illustrating to governing bodies that the customer is at the centre of everything we do.”