Loan approval times for LMG brokers fell 18% in July compared with the same month last year, as adoption of the aggregator's in-house AI assistants reached a new peak, across LMG's network of more than 6,000 brokers.
More than 3,800 users across the network used MyNoteWriter and MyQualityAssurance during the month, with uptake continuing to climb weekly since the tools' December launch.
The two assistants, both part of LMG's MyCRM Intelligence suite, are designed to tackle time-consuming steps in the application process.
MyNoteWriter automatically drafts lender rationales, product selection notes, and exit strategies using data already in a broker's file, producing output that is structured, editable, and ready to meet Best Interests Duty requirements.
MyQualityAssurance checks each deal against more than 500 data points, flagging missing information, funding gaps and product mismatches before lodgement, doubling as a compliance coach and training tool for broker teams.
Together, LMG said, the tools have improved submission quality, which in turn has shortened lender assessment times, with some brokers reporting time savings of close to an hour per file. July's result also brought a 10% reduction in LMG's median lodgment-to-approval time over the past 12 months.
Whitney Cali (pictured), LMG chief product and technology officer, said broker awareness of the tools was building steadily.
"More brokers are using MyCRM Intelligence and reporting faster time-to-lodgment, greater compliance confidence, and cleaner submissions that are driving higher first-time approval rates," Cali said.
Tania Richardson, operations manager at Loan Market Ellenbrook in WA, said the time saved was being redirected into client retention work.
"We're saving 50 minutes, on average, on every application with MyCRM Intelligence. We're using that saved time to focus on our back book by repricing and touching base with existing clients. This alone has generated leads for us – it's made a real impact on our business," Richardson said.
Sid Malhotra, director at Loan Choice Australia in Queensland, said the tools had supported his move from banking into broking, with settled deals up 49% year-on-year over the past 12 months, alongside expanding his team by an additional broker and two support staff.
"We still do our own checks, but the MyQualityAssurance tool takes it to another level. It's like having a safety net across the whole business, and it's saved us heaps of time on rework," Malhotra said.
Cali said the tools were built directly into the MyCRM platform rather than added as third-party integrations, keeping client data within the system.
That distinction is notable against a broader industry backdrop: separate research published this month found 72% of Australian financial institutions are already using AI for underwriting decisions, yet just 3% consider their data fully AI-ready.
Cali added that MyNoteWriter and MyQualityAssurance were only the first releases in a broader AI roadmap, with further capabilities planned in the coming months.
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