Case Studies

ALIC – Australian Lending and Investment Centre

Award-winning brokerage firm, the Australian Lending and Investment Centre (ALIC), needed loan administrative staff to support its rapidly growing network of brokers. Due to excessive labour costs, hiring local loan admin staff wasn’t compatible with their goal to nurture its expanding base of brokers. In addition to the support staff, they would have had to hire a human resources team to manage recruitment and training, plus heavily invest in additional non-revenue generating systems and infrastructure. ALIC decided to contact Loanworks to help facilitate its growth and lessen their admin burden and its associated costs.

Solution

In 2017, ALIC partnered with Loanworks to provide one full-time, dedicated outsourced loan admin support member from its Manila office. In the span of two years, this number has grown to seven loan admin support staff members to service ALIC’s growing broker network.

Loanworks handled all staff recruitment, provided the requisite training, monitored productivity and quality of output and was responsible for mentoring and staff development. In addition to offering a secure and professional work environment, Loanworks also executed all payroll, IT and reporting responsibilities.

Loanworks’ offering differs from many of its competitors in that we have a robust recruitment process involving face to face interviews and personality and skills assessments. If successful, candidates are then trained for a minimum of four weeks, and it’s only at this stage that they’re interviewed by the client.

In addition to focusing solely on the provision of outsourcing staff to the Australian lending industry, our point of difference lies in our in-house training. For ALIC, we provided their staff with training on Mercury, their customer relationship management system as well as on ‘ApplyOnline’. We also set up bespoke ALIC email addresses, provided access to Skype for business as well as access to Australian-hosted cloud based drives required for document sharing. As determined by our Service Level Agreement with ALIC, each team member is responsible for meeting a set of primary KPIs including:

  • Loan packaging
  • Entry of deal information data into CRM and ApplyOnline
  • Generating lenders’ application forms/lodgement documents for signing
  • Generating required compliance documents
  • Compiling and uploading supporting documents
  • Requesting upfront valuations and special pricing requests
  • Preparing FHOG and Discharge Authority forms
  • Completing checklists and ApplyOnline verification ready for lodgement
  • Loan Tracking:
    • Confirming lodgement pack has been received by lender and record reference number
    • Calling lenders and review lender portals for loan updates
    • Reviewing lender credit conditions and work with credit support to resolve
    • Following up on conditional and formal approvals
    • Confirming that valuation has been ordered and completed
    • Following up on FHOG and discharge authority forms
    • Following up on mortgage documents
    • Updating the CRM workflow and notes
    • Completing settlement checklists
  • Completing file review checklist

In the instance there are no loan applications to process, ALIC’s staff are required to meet a secondary set of KPIs, including data entry, database management, as well as any outstanding ad-hoc administrative work. This ensures the offshore support team are always engaged and proactively assisting where possible.

Outcome

Loanworks have consistently met their Service Level Agreement with ALIC, delivering quality high performing personnel, on time and to budget. Consequently, ALIC’s costs associated with loans processing have been cut by an average of 60%.

An unexpected benefit of the partnership has been the relationship between the loan admin staff and the brokers – the proactive attitude of the admin staff is helping brokers get deals done faster (while meeting all compliance regulations).

The partnership with Loanworks has also allowed ALICs mortgage brokers to focus on meeting with clients and writing more loans, as opposed to being mired in time consuming administration.

Need a solution for your business?

If you’d like to discuss a tailored solution for your business, to help you cut your cost-to-serve and improve customer experience, please get in touch. Call +61 498 112 056 now to speak with our Customer Relationship Manager, Jason Goodacre, or send him an email.