An aggregator has announced a complete overhaul of the criteria for its awards and recognition program for residential brokers, placing a premium on customer satisfaction.
In a statement, Loan Market Group has revealed that admission to its premier, elite, platinum elite, and chairman’s club will be based on the “number of customers settled and their subsequent satisfaction.”
Previously, residential mortgage brokers and their support teams were admitted to the rankings based on the monetary value their clients bring to the business.
Brokers must also meet minimum audit standards. Deals will be assessed separately, meaning a home loan and a car loan for the same customer are counted separately in the tally system. Repricing and additional services such as insurance, utility connections, and wealth planning will also be tallied individually.
Andrea McNaughton, the company’s executive director of network success, said the changes were designed to determine the quality of relationships brokers forge with their customers.
“I’ve always thought we had the best rewards program in the industry, but we’ve now made it even better, reflecting the reason why our brokers get out of bed in the morning - their customers,” she said. “Ultimately, it’s about rewarding our brokers for the number of customers they help, not the size of the loans.”
McNaughton said that in order to be included in the premier club, a broker needs to settle 75 loans in a span of 12 months. Meanwhile, admission to the premier elite club requires a broker to complete 175 loans in the same period.
However, the criteria for admission for Loan Market’s commercial brokers will remain the same “in recognition of the unique nuances of commercial finance,” the statement said.
Recently, the company unveiled its BID risk assessment report, which supports broker compliance by “homing-in” on a broker’s or team’s file processes, lender spreads, interest-only owner-occupier loans, accreditations, and other potential risk indicators.