Top 10 tasks for your offshore Broker Support Officer

Uncertain times are still ahead in light of the Royal Commission into industry misconduct. While the findings have been handed down and the dust has settled for now brokers are still bracing themselves for tightened regulations, stricter compliance responsibilities, a shift towards fee-based models, and subsequently, an uncertain lending environment.

What can you do to prepare?

Many brokers are acting now and acting fast, pulling their operations under a spotlight and analysing efficiency and costs. Brokers know they are overloaded with admin-heavy tasks, and this could potentially increase should regulations and compliance change in the near future.

What if you could cut 2 to 3 hours out of every deal you write? You could take those hours and invest them into chasing up quality leads, writing more loans, securing repeat clients, and preparing your business for the unpredictability that is sure to come.

By outsourcing your admin tasks to an offshore Broker Support Officer, you can free up this valuable time, increasing efficiency while also reducing labour costs in your broking business.

Learn more about why a growing number of mortgage brokers are choosing to outsource to the Philippines.

How can an offshore Broker Support Officer assist you?

There are four key areas in which an outsourced Broker Support Officer can alleviate the burden of low-value admin tasks. Depending on your requirements, they include administrative tasks, database management, diary management, and client retention activities.

While your Broker Support Officer is capable of completing a wide range of tasks, we’ve put together the top 10 tasks they can immediately start working on in your business.

1. Monitor loan approval process timelines

   Keeping track of the many dates and steps involved with processing a loan can quickly drain your time, especially when volume is high. Your Broker Support Officer can monitor the timelines and keep you informed at key points.

2. Trails and commissions

   Checking and matching trails and commissions is a critical, but time-consuming task. This can all be taken care of, including querying and following up any that are missing.

3. Data mining and data entry

   Your Broker Support Officer is able to source contact information for leads and agents. They can also input data and maintain lists, spreadsheets and other documents. This gives you the time to action on the data, moving towards more quality leads and growing your network.

4. Request credit checks through Equifax

   An essential element in ensuring responsible lending, your Broker Support Officer can go through the process of requesting credit information from Equifax. They can then report the required information to you.

5. Updating and uploading data into mortgage and loans software

   Information from clients can be collected, processed and entered into your specific mortgage or loans software by your Broker Support Officer. You can then access the information and get to work on writing the best financing solution for your clients.

6. Cleaning and updating databases

   Updating leads, adding new information and merging or deleting inaccurate or duplicate data. This can all be handed offshore.

7. Confirm meetings, book hotels and make restaurant reservations

   On their own, these aren’t big tasks. But, have you ever waited for a client who forgot, or wrote down the wrong day or time? Let your Broker Support Officer confirm these appointments while you focus on other, more important tasks.

8. Liaising with lenders for loan refinancing

   This includes calling the outgoing lender, confirming settlement and asking for a booking reference, and calling the incoming lender to finalise.

9. Communicate news and promotional material to clients

   Keeping stakeholders informed and in the loop is time-consuming. Your Broker Support Officer can collate and organise promotional materials, newsletter and emails, as well as coordinate promotional phone calls to clients.

10. Customer service

    Clients approaching Brokers are usually going through various emotions, from anxiousness, to elation and everything in between. No matter the reason for finance, clear and constant communication is central to retaining clients and keeping them happy. Your Broker Support Officer can assist in providing a high level of customer service in a way that suits your business goals.

Get your head in the game

Read about the hard-learnt lessons of former Mortgage Broking tycoon turned outsourcing expert for brokers, Gary Culverhouse. Gary’s business was at its peak when the Global Financial Crisis wreaked economic havoc.