Australia: AMP Bank makes changes to broker channel

Tier 2 lender AMP Bank is making investments in its broker channel to make it easier for brokers to write mortgages with the lender. These investments revolve around streamlining the loan application process.

The biggest initiative is forming new teams for the end-to-end loan application process to increase the speed of and reduce errors in the process.

In addition to this, AMP Bank is also aiming for more service from credit analysts through ongoing communication throughout the application process, expansion of its BDM team and holding workshops to provide brokers with tools and information for their customers.

These initiatives highlight the lender’s focus on improving loan application processing as well as the overall level of support provided to mortgage brokers.

Research from RFi Group’s Mortgage Broker Survey in 2017 illustrates the importance of speed and turnaround times for brokers when deciding who they want to write mortgages with. Fast turnaround times is the second most important reason for preferring to work with a specific lender, with 32% of brokers indicating this.

Furthermore, slow turnaround times is also an important reason why brokers stop writing business with lenders, with 57% of brokers indicating they stopped writing business with a lender for this reason.

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