A complete solution that supports your team and your brokers
Loanworks’ broker solutions for aggregators and broker groups support both broker administration and loan processing. This leaves you free to focus on your broker relationships, and your brokers free to write more loans and deliver a better experience for their customers.
Broker administration is the millstone around every aggregator’s neck. It burdens every step in the broker lifecycle – from prospecting and onboarding, to accreditation and ongoing maintenance of information.
This is especially true as your business grows. Your existing broker support team stretches increasingly thin, leaving you stranded and scrambling about for solutions.
And without efficient loan packaging and tracking processes, settlement preparation and ongoing customer service, your brokers’ wheels stop turning, and the machine grinds to a halt.
A broker support solution is good for everyone.
Getting it right for your brokers helps them become more productive, particularly in the current environment. But it nets an even greater return on investment for you.
Beefing up your broker support enhances your capacity to bring on more brokers and manage those relationships efficiently.
And having control over the quality of your brokers’ loan processing ensures quality control risks are managed, particularly in terms of compliance with ASIC, APRA, privacy regulations and information security.
What you don’t want is for your brokers to be scrambling for time, outsourcing work themselves, and settling for sub-par solutions that are neither reliable nor compliant with regulations.
Benefits of increasing your broker support capacity
For your brokers:
- Greater efficiency around processes
- Increased profitability
- Confidence that they’re meeting compliance obligations
- More capacity to focus on primary tasks, including maintenance of customer relationships
For you:
- Broker relationship maintenance
- Quality control
- Compliance with APRA, privacy and data security regulations
- Support in broker prospecting, onboarding, accreditation and ongoing information management
Can everyone get what they need? Yes.
The benefits of increasing your broker support capacity are obvious. But it has to be done in a cost-effective way, and it has to work within the processes and constraints of the aggregator business model.
You could simply increase your headcount and expand your in-house team. Or you could set up your own outsourcing operation. But the first requires sinking significantly more resources into administration and loan processing support, and the second presents complex challenges, and requires time and expertise to initiate and sustain.
What you need is an existing, affordable solution, delivered by industry specialists, that can be tailored to meet your needs.
Loanworks delivers a complete solution
A Loanworks’ broker support solution is a cost-effective way to increase your capacity and efficiency as an aggregator. We deliver:
- Broker administration support for you; and
- Loan processing support for your brokers. (We can also provide this as a white-label solution so you can supply your brokers directly if you prefer.)
Expert staff
You tell us what sort of specialists you need, we recruit them, provide their office space and equipment, and train them up. They’re all fully qualified professionals. All have degrees or are college educated, and we recruit for the level of experience you need, just as you would at home. We then train them to work specifically on your business, on your systems, with an intensive four to six-week induction and training program.
Reliable service
Your outsourced staff work just for you, just like your staff at home. Plus we have <8% annual attrition rate. So you know they’ll be there for you whenever you need them, and that they’ll be fully conversant with your business and your broker network.
Fully compliant
We are fully appraised of NCCP compliance and responsible lending obligations, which is why we can train our staff internally, are ISO certified, compliant with the Australian Privacy Act and can implement the latest measures in physical and digital security, and secure data storage.
It's about you...
Loanworks supports you, as an aggregator, throughout the broker lifecycle, helping your team to gather, validate and manage information about your brokers. So you can focus on building more relationships and extending valuable assistance.
Your dedicated offshore team will perform whatever key tasks you require – from broker prospecting, onboarding, accreditation and ongoing relationship management:
- Managing email inbox, maintaining contact notes and updating workflow systems
- Gathering contact details, company details, PI insurance details, credit license details and industry associations for new brokers
- Data entry into broker management systems
- Digitising collected documents into document management systems
- Validating collected information
- Chasing brokers for information required during accreditation
- Conducting regular missing information and data exception reviews to ensure all required information has been collected and is up to date
- Conducting credit license compliance reviews, gathering PI, association and license renewals information and supporting documentation, following up missing information
…and it's about your brokers.
Loanworks supports your accredited brokers throughout the loan packaging and tracking process, settlement preparation, and ongoing customer service. Each broker will have one or more trained, dedicated team member who works in their systems and to their workflow processes. That person is provided, supervised and managed by Loanworks to perform key tasks associated with sales support, loan packaging, loan tracking and customer service, including:
- Diary and email management
- CRM data entry
- NCCP document preparation
- Serviceability & funding assessments
- Lender pack preparation
- Special pricing and upfront valuations
- Chasing supporting documents
- Lodging applications via ApplyOnline or LoanApp
- Tracking loans to unconditional approval and settlement
- Tracking pre-approvals and construction loans
- Managing communications with customers and third parties
- Completing compliance file reviews
- Maintaining marketing databases
- Supporting post settlement customer service and annual reviews
We invest in our people, because expertise matters
Truly effective outsourcing depends entirely on the quality of performance that’s delivered. Anything less than optimal is a false economy.
We achieve our unparalleled level of excellence because we invest heavily in training our staff on all core processes, systems and responsible lending practices. You won’t find any other outsourcing outfit that provides a comparable level of training.
Then we set the right people to the right tasks. All loan admin staff undergo four weeks’ training on core practices, processes and systems used in loan processing, and brokers are supported throughout the transition by a team of service delivery professionals who understand their specific needs – not generic account managers.
Similarly, your broker admin support team are supported throughout the transition by people with the appropriate expertise, who are fully trained in, and understand, the needs of broker administration and compliance.
And we support them in getting the job done
The best people deserve the environment, resources and tools to perform to the best of their capabilities.
Loanworks’ teams work in purpose-built, secure offices located in the business hubs of the Philippines, where they’re provided with fit-for-purpose tools, systems and support, including our own best-of-breed software.
Other outsourcing providers supply staff with basic equipment, and charge you for anything more. We view the best tools for the job as necessary, not extra.
Premium service, cost-effective pricing
Loanworks can deliver a 60+% cost saving on labour costs when compared to the costs associated with Australian-based loan processors and broker admin staff.
Our model is based on full-time or half-time dedicated staff, while some of our competitors offer only transactional pricing – a fee per application processed, which gets very expensive as your business expands, and does not include support for broker administration services.
And, of course, operational expenses and management are part of our business model, which means you don’t incur the ancillary expenses and administrative burden of employing your own staff at home.
Start planning
Every day that your business continues to grow makes a comprehensive broker support solution more necessary.
Of course, it’s really important to carefully consider your options. You want something scalable, so that it grows with you. And you want the job done well, at the right price.
To discuss the specific requirements of your business, please call Jason Goodacre, our Outsourced Services Manager, on +61 498 112 056. Jason has worked on designing and delivering customised solutions for many clients, and has the expertise, creativity and commitment to find the right one for your aggregator business.
