FAST, nMB add credit reports to toolbox

by BN14 Aug 2009

Brokers at aggregators FAST and National Mortgage Brokers (nMB) will be able to check the credit worthiness of their clients prior to submitting a mortgage application, after both signed agreements with credit bureau, Veda Advantage.

David O'Toole, national sales manager at FAST, said credit reports, along with subsidised property reports provided by Residex and RP Data, would help its brokers deal with two issues coming up when banks assess mortgage applications, namely, the credit history of applicant and the property valuation.

O'Toole said a credit check would help brokers satisfy the first two of the three C's required by lenders and mortgage insurers - character, credit history (the third being capacity to pay).

nMB said the subsidised Veda Advantage service would give members the opportunity to address any credit defaults or irregularities prior to submitting the application to the lender.

Sal Cinque, director of sales and marketing at nMB, said early feedback from brokers had been extremely positive. 

"Our brokers view this initiative as a positive step in improving their day-to-day efficiency and acknowledge nMB's commitment to further improving submission quality," he said.

Both FAST and nMB brokers will also have to obtain the consent of their clients before ordering the credit checks.

Related stories:

FAST's equipment finance program lifts settlements to $2m - FAST has seen the rewards of their support program for brokers branching out into the equipment finance sphere, achieving an estimated $2 million worth of equipment finance settlements during the month of July and an estimated $3 million dollars since launching in January this year.


  • by Tony Safoulis 14/08/2009 11:43:06 AM

    These reports are part of most software platforms aggregators provide at the moment.

  • by Martin Rollins 14/08/2009 7:22:17 PM

    Is this a story ?

    Mortgage Managers have been performing Credit Checks.for years.... and employment checks, valuation ordering and mortgage contract ordering.

    The real story here is how the costs associated with performing these actions are being shifted to the broker...... very clever FAST and NMB, nice way to spin the story guys.

    I particularly enjoyed the "day-to-day efficiency and acknowledgement to further improve submission quality"... whilst leaving out the costs savings including Labour.

    Loved that, had me in stitches.... that's just how I would have spun it, and conveniently left out how brokers will now pay for Annual credit system access fee's, direct debits fee's charged every month to every broker for monthly invoices for each and every credit check.... my question on behalf of these brokers is, will FAST and NMB increase the commissions payable to brokers to off-sett the extra costs they WILL wear while FAST and NMB save and enhance their own margins ?

    But don't tell me, I know already.... FAST and NMB are just looking out for the best interests of their brokers.

    (and saving tens of thousands a year by shifting the expenses to brokers)

    Whoops, did I blow the whistle.