Non-bank mortgage platform Loan Street has partnered with mortgage broking fintech Effi to launch a training solution to help brokers become relevant and compliant.
The training platform, led by Loan Street’s back-end technology, allows brokers to scale their business and power a full-service concierge service.
Loan Street founder Darren Lieu (pictured) said the company wanted to help brokers achieve higher loan settlements and position themselves as successful, modern brokers, equipped with the necessary tools and support.
“Loan Street’s vision is to help brokers provide a concierge service to borrowers and Effi’s technology allows us to achieve that,” Liu said.
“We are offering a full service for brokers and are creating a new industry eco-system of convenience and goal planning. Our back-office support allows brokers to focus on customers.”
Liu said Loan Street was a people-oriented company with its core focus on the broker and how the broker can assist a client.
“We provide new and existing brokers within the industry a full training package and support,” he said. “We understand brokers have a lack of support, so we train them to become better.”
Liu said the new training platform was like “broker 101”.
“It is good for new brokers entering the industry or for intermediate brokers who have been in the industry for a while and need a refresher,” he said.
“It is a hands-on training program designed to boost efficiency and to help brokers learn and grow.”
The training featured on a digital platform along with a mobile app to download so brokers could complete the training anywhere, any time.
“Not every broker can transform from a loan writer into a contributor to the industry,” he said. “We help brokers grow their business and create more stability so they can focus on their clients.”
Brokers were offered mentoring, business coaching and wider skills training delivered by industry experts.
“Unlike other digital lenders, we use technology to boost the efficiency of our mortgage brokers and back-office, not replace them,” he noted.
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Loan Street planned to launch exclusive and diversified loan products and solutions to customers through the Effi platform and create more business revenue streams for brokers.
“We empower brokers by providing a concierge service to borrowers from their first home to customers for life,” Lieu said.
Effi founder Mandeep Sodhi said technology was shining a light on the mortgage broking industry.
“Through partners like Loan Street, we help brokers become more relevant, especially for new brokers in the industry,” Sodhi said.
“There is now the support and guidance they need to generate and cultivate needs and get the support and guidance they’re looking for.”
