Connective drills down on broker/lender communication

Group's digital forum enables the two groups to converse directly and in real-time

Connective drills down on broker/lender communication

News

By Madison Utley

Given that brokers are currently operating in the “toughest lending environment of our time”, an aggregator has launched an online community to help facilitate a more direct line of communication between lenders and brokers.

To Connective, the complexity of the current lending landscape has made clear the need to both deepen and broaden the support made available to its broker network; Connective Community aims to do just this.

Now, lenders and brokers can converse in real-time, like in the community's popular loan scenarios group – a “game-changer” in broker, lender communications. Here, brokers are able to get guidance on real scenarios they're currently dealing with, direct from over 60 lender BDMs, and are therefore able to provide more efficient service to their clients.

According to Connective executive director Mark Haron, the community has grown rapidly, with 2,400 members actively participating every month.  

“The need to improve the flow of information between brokers and lenders has been compounded by the multitude of economic challenges that COVID-19 has thrown at us all. At the same time, we know that processing times for queries with lenders have increased, making it hard for brokers to get certainty and stability for their clients,” Haron explained.

“Brokers and lenders need more direct lines of communication for everyone’s sake. We’ve found that creating these online communities is the perfect solution to connecting more people, more efficiently.”

Two topics currently dominating the forum are the need for more clarity from lenders on how JobKeeper will be considered when applying for loans, as well as current refinancing options.

“Both of these trends point to increased financial pressure on Australians and potentially more complex lending scenarios,” said Haron. 

“Some lenders, especially many of the major banks, won’t accept loan applications relying on JobKeeper payments, with some major banks encouraging brokers to ask prescribed questions about the impact of the pandemic on their finances."

To Haron, it is clear that more communication between lenders and brokers is key to facilitating the flow of credit safely in such a tumultuous landscape.

“Layers of complexity like this deserve timely interaction and guidance between brokers and lenders – and we can provide it with our online communities," he said. 

“Brokers need to know how lenders are responding to rapidly changing policies and new information, in near real time, to support their customers, many of which are in very vulnerable financial positions.

“Over the last twelve months brokers have stepped up to support their clients through very challenging times; drought, fire, floods and a global pandemic. It’s important that, as an industry, we embrace these opportunities to ensure we help the Australian community recover."

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