iLoad Loans owner shares tips for successful loan application

  • A day in the life of…. Nathaniel Truong

    The Director of the Loan Lounge tells MPA about a typical day

  • Is a property crash coming?

    Longer term uncertainty is still on the cards, according to CoreLogic

  • SPECIAL REPORTS

    • 2018 Commercial Lenders Roundtable
    • Top 10 Brokerages 2018
    • 2018 Brokers on Aggregators

    When it comes to processing loans, Sharene Dearlove knows a good piece of mortgage broking software when she sees it.

    She also knows what it takes to get a loan application through time and time again.

    MPA spoke with the proprietor of iLoad Loans about the benefits of having an onshore processing firm and why her own demand as a broker lead to her filling this gap in the SA market.

    Developing an efficient workflow for brokers

    Dearlove started her finance journey in 1989 as a PA to one of South Australia’s first mortgage brokers – her mum, Val Nipperess. She has now run her own brokerage in Port Augusta for about 25 years and has seen plenty of change in this time.

    “Brokers are getting more and more thrown on them in the loan process,” she says.

    “We’re doing way more than we used to on compliance and all the procedures and back office work that needs to be done.”

    Dearlove identified the demand for a local loan writing service after her own search for one proved to be in vain.

    “I didn’t find something that was flexible enough, personable enough and gave me assurance that they would be done the way I wanted them,” she says.

    She is now the ideas person behind iLoad Loans, a loan processing firm with a flexible offering.

    “We go through with our brokers and we’ll help them out with templates – but if they’ve got templates they want to use, we incorporate that into our process for them,” she says.

    “We aim to layer up the servicing and give them some benefit of our knowledge from dealing with lots of brokers but we can also set ourselves to be part of their business, not just dove tailing to what we do.”

    The benefit of onshore processing

    Dearlove says, aside from processing the loan after the broker has made a recommendation, the company can also step in a bit earlier to collect the information from the borrower.

    “We can collect it, we can verify it, we can double check that we’ve got the dates on everything that we need, and if there’s deductions out of pay slips, we can make notes on that and bring that to the broker’s attention,” she says.

    “One of the advantages of an onshore processing team is we basically act as part of the broker’s office so the clients don’t know any different. We’re sort of the next best thing to having someone sit in their office with them.”

    Good technology for mortgage brokers

    Dearlove says when it comes to running a mortgage broking business, a good software system is one that is able to communicate with and track clients. It also needs to have a sales focus and lead into the banks.

    “Most of the software systems we see, some are more complex than others and that suits some brokers. Some are a bit more basic that others and that suits the brokers as well,” she says.

    “It is about being able to have that snapshot of where all your files are and being able to communicate and track easily.”

    Client engagement is key to successful loan submissions

    To ensure brokers put their best foot forward when submitting loan applications, Dearlove says clear communication with the client is essential.

    “Communicate with the clients that we’re going to need more paperwork than ever before. Make sure that they’ve got all the documents that they need and review all the documents prior to them going to the bank,” she says.

    “Good notes is key – how they came to the income, what the scenario is, and the more details that are in there the better.

    “I know there is communication around the place that says assessors don’t read notes but assessors do, most of the time, read notes, and they are gold.”

    Upskilling and collaboration

    After working in the industry for more than 30 years, Dearlove is optimistic about where mortgage broking is heading as it leads into the implementation of BID.

    “Broking seems to be in a very good place at the moment,” she says.

    “I think brokers are certainly very focused on upskilling and knowing their trade more than I’ve ever seen before.

    “We’re banding together and being collaborative about solutions which I think is a really strong point in our industry at the moment.”

    Related stories:

    • How Ralec met Aussie
    • Why broking is better than selling real estate
    • "Crisis creates opportunity": Top 100 Broker

    Original Article