Lenders and aggregators have agreed to work together to improve overall service levels, following yesterday's MFAA-sponsored forum.
The forum, which took place behind close doors in Sydney, resulted in a number of agreements being reached between the two parties.
"As partners in the loan distribution chain", the MFAA reported that lenders had agreed to "continue to do all possible to ensure demand levels are being met by upgraded resources in loan processing and that there is comparability in service levels between broker and proprietary channels" and to "provide clear communications as to the service levels and provide updates where those levels change"
It was also agreed that while current circumstances may require lenders to amend credit policies quickly, they would provide the industry with as much notice as possible of such changes.
Lenders will provide broker groups with detailed data as to re-work and error rates.
On their part, broker groups said they would institute training to remedy re-work issues and error rates and will ensure brokers are provided with adequate information (based on data from lenders) to ensure borrowers are not given unrealistic expectations about loan approvals
Both agreed they have a "mutual interest in ensuring high quality service to their customers, and are aware of the need to protect their respective brands".
Representatives of the 22 broker groups, mortgage managers and lenders (both bank and non-bank) who took part in the roundtable committed themselves to the "mutual support of each other".
Following the meeting it was agreed that further roundtables should be convened "utilising MFAA's unique broker and intermediary representation" with a further meeting to take place in 3 months time to review the impact of the understandings reached yesterday.