Getting the Most Out Of Your Lender Relationships? 5 Strategies

Getting the most out of your lender relationships

Developing and maintaining good BDM (Business Development Manager) relationships is a cornerstone of any broking business.

Vision hosted a session attended by three senior lender BDM’s from Suncorp, Bankwest and CBA. This was a terrific session, and we were lucky to have three people with over 20 years’ experience. They gave us insight into:

  • Their progression into their roles,
  • What their average work week looks like, and
  • What gave them the most rewards in their role.

We probed them on what they regarded as the most important areas mortgage brokers should think about when maximising their lender relationships.

Strategy 1: Understand Their Broker Portals

Lenders and consumers have embraced the digital age and all of us brokers need to 100% go down that path. The BDM’s said many brokers possibly only understood a fraction of the resources available on the lender portals. Ensure you understand:

  • Loan tracking,
  • Policy,
  • Updated forms (checklists, forms, etc), and
  • Turnaround times.

Vision Aggregation adds:

“Make sure you know how to get into your lender portals quickly and efficiently. When you have your first deal for a lender, take the extra time to have a good look around to see where everything is. It is a great investment of your time.”

Strategy 2: Use Document Checklists All The Time

The most common reason for deals not going straight through is that a key document is missing or out of date. This is easily resolved by ensuring you have the latest checklist and refer to it regularly. 

Vision Aggregation adds:

“Obtaining the latest checklist should take you seconds, as it’s on your aggregator software, lender portals, etc. 

Double check the list before you submit your loan to ensure no documents are out of date. For example, if they need a payslip that is less than 60 days old, make sure that is what you have.”

Strategy 3: Be Specific in Your Communication

Lender BDM’s agreed that they love their role, and feel privileged to look after brokers. But many brokers would appreciate that they receive hundreds of emails, phone calls and texts every day. If you want to make their job easier

  • Make your messages as brief as possible,
  • Be very specific about your issue, and
  • Be very specific. 

Vision Aggregation adds:

“We have sat with many BDM’s over our 20+ years in business. We can vouch for the fact that their phones generally light up like a Christmas tree during the meeting. Like all of us, if it takes a long time to read and digest a message, the harder it is to allocate the time needed to help you. If your message is short, sweet (stripping out emotion too) then the BDM can quickly understand what you need, so they can start helping you”.

Strategy 4: Understand Turnaround Times and Manage Timeframes with Clients

Lenders are generally getting better at communicating their turnaround times. These are communicated on your CRM and in their broker portals. These can vary frequently, so they recommend brokers update themselves on a weekly/monthly basis on where lenders turnaround times sit.

Vision Aggregation adds:

“Of course, many of your clients might have genuine time pressure with buying a property, auction deadlines, cooling off periods, etc. But if this is part of your client’s key objectives, then make sure you either find a suitable lender who has a short turnaround time, or if you have a preferred lender option and you are concerned about their turnaround, then talk to your BDM about this before you lodge the loan. If you lodge first, then you might be setting your client (and BDM) into a difficult position.”

Strategy 5: Research First, Seek Help Second

You will obtain better results if you research first, and then ask help. If you have a client situation (policy issue, credit issue, timing issue) then go through some of the steps above first. Look through the portal and research some policies. 

Vision Aggregation adds:

“It is much better for a broker to develop a reputation of being thorough before they ask the lender for help. Your BDM’s 100% want to look after you and get more deals from you, but they also want to see that you are developing your knowledge of the tools and resources they have made available to you. If you continue to ignore these, it could impact the levels of support you receive. Remember, you can Vision too!’

How Vision Aggregation supports brokers, and their clients.

Working with an Aggregator that supports you, your business, and your clients in every way, should be your plan for 2023, and for the years to come. At Vision Aggregation, we are “Brokers Supporting Brokers”, and we are passionate about forming a transparent partnership with all our mortgage brokers.

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