Established in 2019 and launched in 2020, ORDE Financial prides itself as a non-bank that’s purpose-built for brokers.
The fledgling lender, which has so far established relations with more than 1,000 brokers, is now focused not just on expanding awareness of its products but also on providing hands-on education.
A key part of this is encouraging brokers to diversify beyond residential to commercial and SMSFs, which according to Lee Prior, national distribution executive at ORDE Financial, is a trope common among non-banks.
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“For me, it’s one thing to talk about it,” Prior said. “But then it's another thing to actually take brokers on a journey through diversification.”
Unique to other new financial institutions, ORDE offers multiple lending types across different sectors from the get-go. But that’s not just what makes the broker-built non-bank different. It recognises that brokers are generally time-poor and knows that setting aside time to learn about another branch of lending impinges on their mainstream business.
“Their primary income source takes a hit because they’re not able to keep writing that,” Prior said.
He said the training not only has to be useful; it must also contribute to the bottom line ASAP.
“I need to make sure that we’re more than just scenario responders or pricing catalysts, and that if a broker wants us to come into their business, [we are asking] what are we actually bringing to the table?” Prior said.
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Rather than offering platitudes or sales pitches, ORDE takes concrete steps in educating brokers about referrals and their customer bases.
“We’ve got to educate and make sure that we have structured meetings where you get in and get dirty and understand our brokers’ businesses,” Prior said.
Timing could again be an issue, with some businesses still writing record volumes but others having to take a step back as the market slows. Prior again pointed out the positive in the situation.
“If you’ve got the opportunity, now is the time to start looking at your business, looking at digital processes, digital enhancements, whether it’s working with your aggregator partners or your lender or BDMs on what are the best practices out there.”
ORDE only accepts applications via mortgage brokers and managers. The non-bank doesn’t pursue a direct retail channel, seeing it as a misplaced conflict with its distribution partners.
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