Brokers Top of Class

The latest Core Data ACQUIRE index market research findings has brokers top of the class.  Core Data conducted a mystery shop exercise, surveying home lenders and ranked brokers ahead of banks and credit unions on a range of seven different criteria.

On the most important criteria of ‘Understanding – or the ability to understand customers needs’ – brokers scored an 87.5% approval ranking.  Out stripping Banks (78.5%) and credit Unions (78.1%).

Brokers won the rankings also in the ‘Comprehensive Knowledge of loan products’ stakes.  Brokers 87.6%, Banks 85.3% and Credit Unions 84%.

Another important criteria measured was efficiency, meaning Brokers were more efficient in handling borrowers’ application and approval processes, beating the lenders at their own game.

To me this is really a logical outcome, as great Mortgage Brokers are specialists within their profession.  They don’t have to handle other needs of a client so they should be more efficient, they should have superior product knowledge across a range of lending and product options, they should have a detailed understanding of customers’ needs, as they can usually provide more time with a customer, than a bank or other lending person can.

All in all it is pleasing to see the research supporting what we have known and believed for a long time – the Broker proposition to anyone looking to secure a loan is superior because the customer always comes first, because we are working for them and not anyone else, well at least the professional and successful brokers are!

 

Special News:

At AFG’s recent awards dinner, Empower Wealth’s Mortgage Broking Division was also recognised as a finalist in the ‘Top Businesses’ Category