Momentum Media's research arm, Momentum Intelligence, supported by The Adviser has helped give brokers a voice and reach political decision-makers as the industry strives for action on sluggish mortgage approval turnarounds through the Broker Pulse.
As mortgage brokers struggle with lengthy turnaround times from lenders, the Broker Pulse survey has twice been cited in federal parliament on this issue, while its ongoing report findings and written coverage, podcasts and other media have helped raise awareness with key decision makers and drive the story into the spotlight.
Annie Kane, editor, mortgages at Momentum Media, said the monthly insights from the Broker Pulse survey have been vital to shine a spotlight on slow turnaround times which are of deep concern to mortgage brokers wanting to provide the best service to their clients.
“For some time now, mortgage brokers have been facing long delays in getting their clients' mortgages approved – with some larger lenders taking weeks to even look at an application, let alone approve one. This has put immense pressure on brokers and we’ve done everything we can to help raise their voices in calling for improvement,” Ms Kane said.
“Given that 60 per cent of all mortgages go through brokers, this is also a critical issue for the Australian public who are waiting far too long for their loans to be approved.”
The Broker Pulse survey was cited by House of Representatives’ standing committee on economics. When quizzing the CEO of ING Australia, Melanie Evans, Dr Andrew Leigh MP (member for Fenner), highlighted the findings of the Broker Pulse survey, noting that in February 2021, ING’s average time to initial credit decision for broker-lodged loans was four days, while Westpac was at 20 days.
Lenders were also forced to confront lending delays when the same committee cited the survey during a hearing back in April.
Michael Johnson, head of broker success at Broker Pulse launched the platform two years ago.
“We started the Broker Pulse to give residential mortgage brokers a space to voice their experience with lenders and generate impactful insights that can help them make more informed decisions for themselves and their clients,” he said.
“We’re pleased that it has been successful not only as a driving force to improve lender performance, but also as a support system for brokers and lenders to communicate. We will continue to ensure our research and our stories cover the issues that are most relevant to both the mortgage industry and the general public who rely on their services.”