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Brokers outdo banks on conversions

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Australian Broker | 25 May 2012, 12:00 AM Agree 0
A major bank figure has rubbished criticism of broker conversion ratios, saying brokers are actually outdoing lenders.
  • ozboy | 25 May 2012, 11:18 AM Agree 0
    John Flavell for Prime Minister!!
  • AussieBen | 25 May 2012, 11:23 AM Agree 0
    Good on ya Johnny! I have often submitted an application and had it approved to the same lender where the customer had already direct where it was declined due to poor structuring and understanding of credit. The staff often don't have the time it takes that the application deserves.

    See you at the top!
  • Suspicious | 25 May 2012, 12:09 PM Agree 0
    The 63% conversion ratio by the banks would be a whole lot lower if they had to comply with the same credit criteria that brokers have to . How many deals have we had that have been declined through the broker channel only to be approved later on by the the banks when the borrower went directly to the bank?????
  • Peter M | 25 May 2012, 01:50 PM Agree 0
    Hear, Hear- good to see some positive comments for a change for us brokers. About time the big banks starting looking at their own backyard, would be interesting to be a fly on the wall if they checked out all their own lending files, perhaps an internal audit would pick up some further training issues required as well. Meeting KPI's does wonders for the imagination.
  • Brent | 25 May 2012, 04:29 PM Agree 0
    Agree with you 100% John Flavell!
  • Broker | 28 May 2012, 01:01 PM Agree 0
    My Aggregator is set an 80% conversion rate by CBA , in order to gain an extra pittance in commission, would this be way above what CBA convert internally??...if so . it's not a very realistic playing field is it?
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