ING Direct has followed through on its vow to open credit assessor access to its entire broker network.
Following feedback from brokers on the Australian BrokerNews forums, ING Direct head of broker distribution Mark Woolnough told Australian BrokerNews in September the bank planned to roll out widespread access to credit assessors. ING Direct has now announced it has implemented the initiative, and Woolnough has said it is a direct response to feedback from mortgage brokers.
"We have had a very busy year engaging brokers for feedback, and a common theme that came out was around our lending policy and assessment, and ultimately the need to be able to discuss a deal in real time with an assessor. We listened to what brokers wanted, arranged a trial and the positive results where overwhelming for both the bank and our brokers," Woolnough said.
The trial of credit assessor access resulted in a 40% increase in new applications resolved without being sent back to brokers, and a turnaround of a further 20% of applications which previously would have been declined, Woolnough stated. He said the bank had boosted its human resources to support the widespread roll-out of the initiative, and had appointed senior assessors from outside the bank "to bolster internal experience and service levels".
Woolnough said the initiative could also see brokers change their perceptions of the bank's credit policies.
"In the past ING DIRECT has had a reputation of only accepting ‘vanillas deals’, but brokers are finding nowadays this is not the case. I encourage brokers to send us those more complicated deals and give us the opportunity to make the deal happen," he commented.
Woolnough said the initiative would put ING Direct in a position to accept more complex applications than in the past.
ING Direct retunes broker relationship
ING Direct open to feedback