Loan brokers operate in a fast-paced industry where time is money. Beyond advising clients and securing new business, brokers face an array of time-intensive administrative tasks required to get loans from application to settlement.
These back-office duties (data entry, paperwork preparation, chasing up documents, liaising with banks and solicitors) can eat up hours of a broker’s day. In fact, processing a single home loan application can demand roughly 20 hours of work on average.
To work smarter (not simply harder), brokers seek ways to streamline operations and reclaim their time. Hiring a virtual loans assistant is a strategic business decision that needs to be made to achieve exactly that.
5 Ways You Can Rely on Virtual Loans Assistants
1. Delegate Data Entry and CRM Updates
One of the most immediate time-savers for brokers is delegating data entry to a virtual loans assistant. Mortgage brokers deal with complex client information, personal details, financials, and property data, which must be accurately entered into Customer Relationship Management (CRM) systems and lender portals.
This clerical work is essential but highly time-consuming. A virtual assistant can take over all data entry tasks, inputting client information, loan details, and supporting documents into the broker’s CRM (such as Connective’s Mercury, Podium, Symmetry, or ApplyOnline) with precision.
These assistants are often highly experienced with the specific loan software and CRM platforms brokers use, meaning they require minimal supervision and can hit the ground running.
2. Streamline Loan Structuring Preparation
Designing the optimal loan structure for a client is a nuanced task. It involves analysing the client’s needs, financial situation, and goals to determine the best loan products and configuration (such as loan amount, term, fixed vs variable split, offset accounts, etc.).
A virtual assistant can streamline the preparation of this loan structuring groundwork. They can collate all the necessary financial information from the client (income documents, liabilities, credit details) and assist in crafting a preliminary loan structure for the broker’s review.
Armed with a keen understanding of the Australian mortgage market and lender policies, an experienced assistant can identify which lending scenarios might suit the client and ensure all required calculations or compliance checks are prepared in advance.
3. Offload Servicing Calculator Tasks
Calculating a client’s borrowing capacity and verifying loan affordability across different lenders is a routine but time-intensive task for brokers. Each lender often has its serviceability calculator or software, which requires details of the client’s income, expenses, and debts to determine how much the client can borrow.
A virtual loans assistant can take over the servicing calculator work, running these calculations for various lenders and scenarios on the broker’s behalf. They will diligently enter all relevant financial data into the calculators (whether an aggregator’s tool or individual bank calculators) and then record the results.
This includes the maximum loan amounts a client qualifies for and details like surplus/shortfall, allowable repayment amounts, and any policy exceptions flagged by the system.
4. Improve Client Communications and Status Updates
Keeping clients informed and maintaining clear communication throughout the loan process is vital for customer satisfaction. However, it can be very time-consuming for a busy broker. This is another area where a virtual loans assistant can be invaluable.
The assistant can handle ongoing client communications, acting as a professional point of contact to update borrowers on their loan status, gather any missing information, and answer routine queries.
For instance, instead of the broker emailing or calling clients to request documents (like pay slips or bank statements) or provide progress updates, the assistant will manage these communications promptly and politely.
5. Conduct Thorough Lender Research with Ease
Navigating the landscape of lenders and loan products is another demanding task that a virtual loans assistant can substantially help with. Brokers often need to research which lender best fits a particular client, like comparing interest rates, product features, lending criteria, and special offers across banks and non-bank lenders.
This due diligence is crucial for finding the most suitable loan, but it can take a lot of time if the broker tackles it alone.
A well-trained virtual assistant can perform in-depth lender research on the broker’s behalf.
Given a client’s profile and needs, the assistant will systematically gather information on multiple lenders: current interest rates, relevant loan products, policy requirements, turnaround times, and any ongoing promotions or rate discounts in the market.
Working Smarter with a Virtual Loans Assistant
Hiring a virtual assistant isn’t just about freeing up time; it’s about using that time better. By handing over routine admin and process-heavy tasks, brokers can focus on strategy, client relationships, and higher-value work.
This smarter way of working leads to smoother operations, faster turnaround, and a more professional client experience — all backed by consistent, behind-the-scenes support.
Virtual Office Angels provides experienced loan processing assistants who handle all the abovementioned tasks and adapt to your specific processes and software.
Contact us today to discover how a dedicated virtual loans assistant can help you save time, improve profitability, and elevate your business to the next level.
Recent Comments