Broker Onboarding – Why not digital?

why not digital

In an ever evolving industry where loans are being done via a fully digital platform, banks are being created with a full digital platform and lenders are beginning to announce 2-minute approvals are on the way. Why is it that the process of onboarding a new broker or transferring aggregators is a cumbersome paper based transaction?

It’s time industry leaders got together and simplified the process. It’s time we moved into the digital age of 2022 when it comes to moving aggregators or onboarding new brokers.

To have brokers wait in some cases weeks, if not months for accreditations and onboarding is totally unacceptable, and a massive burden on a small business with clients needing timely approvals.

The fact that each individual bank/lender has their own manual document and process is simply not good enough.

Surely it’s time for one digital process that applies across every lender to either gain a new accreditation or transfer an existing one.

Additionally the forensic investigation of a brokers credit file when they do not have defaults or judgements is completely unnecessary, do bank employees have to provide a credit file and explain every aspect of that file going back years in order to be employed…“I think not “

Highly motivated, genuine, successful individuals are looking to move into mortgage broking and we as an industry should do everything we can to make it a smooth transition.

The aggregator market is changing rapidly and the aggregator you signed with years ago may no longer be the best fit. I have conversations with brokers everyday who would leave in a heartbeat, however can’t afford the downtime required with the largely paper based manual system.

Quote “Too many horror stories out there“, “Why should it be so difficult to move?”

This process has been an issue for the last 20 years and very little has changed.

Let’s collectively make it known, we are a very important customer to these banks and lenders. It’s Time For Change.

Let’s go digital now!!