The popularity of outsourcing is continuing to rise in the mortgage industry, and Sydney company Brokers’ BackOffice says it’s here to help.
The loan processing service provider was set up in 2018 by director and chartered accountant Anshu Lukka (pictured) to assist busy mortgage brokers across Australia.
“We are passionate about what we do,” Lukka said.
“We are approved with all the major aggregator groups, we turn applications around within a 24-hour time frame, process over 150 applications a month and have over 70 broker partners.”
Lukka said there were three main benefits for brokers to outsource to a company such as Brokers’ BackOffice.
“It is a reduced cost as the fee we charge covers 65% to 70% of a broker’s cost by employing someone onshore.
“The benefit of staff management as brokers do not need to worry about training, staff turnover, etc.”
“Finally, the broker can focus on growth, building their network and chasing new leads whilst we take care of the backend of their business,” Lukka said.
The outsourcing company provided dedicated trained loan processing officers as part of its package to brokers.
“Brokers need to go through various administrative tasks including preparing and collecting documents, working through compliance, then loan settlement, so we take care of the backend admin tasks so the broker can focus on what they do best - writing home loans.”
Lukka said once a broker had met with his or her client to discuss different lender and bank options, and the client provided the required documentation to begin the credit file, Brokers’ BackOffice could begin working.
The service provider had implemented robust high security IT measures which were independently tested and certified for brokers and aggregators.
“We work very hard internally to prepare our portal to service brokers efficiently and consistently,” Lukka said.
As the business grows, Lukka said he would like to invest in lead generation and social media.
“These are also important areas of a broker’s business so we want to help where we can down the track.”
Lukka said there was no accreditation process required for brokers to begin working with the outsourcing company, and they must speak to their aggregator to arrange login details before utilising its services.
“All aggregators know about us, and they will ask a series of compliance questions. We understand the regulations and they are dealing with an established player,” he said.
“At the end of the day, it is about teamwork between broker partners, aggregators, and us.”
