A broker head has called for an end to the “blame game” on loan quality.
Direct head of third party distribution Mark Woolnough has argued that brokers often feel unfairly targeted in discussions of loan quality. Woolnough said the fact that loan quality is “a two-way street” is often not communicated to brokers.
“Sometimes brokers feel that when banks talk about quality it’s a one-way blame game,” Woolnough said.
Woolnough said advances in technology will help lenders to address their own processes. He pointed to NextGen.Net’s ApplyOnline technology, and said it amounted to an investment in banks’ internal processes.
“Upgrading to ApplyOnline+ enables lenders to identify areas in their own processes that historically may have contributed to the inefficiencies,” Woolnough said.
Woolnough said the technology also allows for a more seamless process in dealing with a variety of lenders.
“One of the issues facing brokers is that they feel they should be competent and up-to-date with the policies and processes of their entire lender panel. However with so many lenders and the increasing burden and impacts of compliance most will concentrate on a smaller and more manageable panel. ApplyOnline+ has removed many frustrations in the end-to-end process by providing speed, scale and certainty around what meets a lender’s requirements, irrespective of whether the scenario is simple or complex,” he said.