Following changes to its accreditation standards,
CBA is said to be coming up with better performance measures to support broker recruitment.
“I understand that CBA is working on improved quality benchmarks aligned with good customer outcomes, and these performance measures will be used by the bank to determine how to best support those brokers wishing to recruit and train new-to-industry loan writers,” said
Mike Felton, CEO of the Mortgage & Finance Association of Australia.
There is no confirmation yet as to when CBA will announce the new measures.
CBA unveiled a new broker model last month following the release of the mortgage broker reform package by the Combined Industry Forum. The model includes stricter accreditation standards meant to promote greater broker knowledge and positive consumer experience.
From this year, new mortgage brokers are required to:
• hold at least a Diploma of Finance and Mortgage Broking Management,
• be a current member of the Mortgage & Finance Association of Australia or the Finance Brokers Association of Australia,
• be a direct credit representative or an employee of an approved aggregator, head group or Australian credit licence holder, and
• have at least two years of experience writing regulated residential loans
Brokers will go through additional questioning during the accreditation process -- with more scrutiny on the individual, the company they work for, the head group that they are partnered with, the quality of their business, and how they have been operating.
Besides changing its accreditation standards, CBA has been focusing on its proprietary channels, away from third-party distribution. It also stopped accepting new refinance applications for investor loans from 13 February last year.
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