Sherlok's AI engine powers Mortgage Brokers single click retention, repricing and refinancing
A concerning trend with a major bank… Several people in the mortgage industry have contacted me directly over than past month to express their concerns that a CEO of a big 4 bank has told them over an industry lunch that ‘we don’t like bulk repricing and don’t need to reprice home loan customers (to a lower rate)’ To me that sounds like ‘we don’t care if the interest rate is too high for struggling Aussie’s’ I’ve also spoken to two seperate mortgage brokers this week who said the same bank threatened to take their mortgage broking accreditation away from them unless they removed a public post (social media and a closed broker forum) which talked badly about that banks service or strategy.. Not sure what’s going on here but is this even legal? Mortgage brokers private message me if that has happened to you and who the lender was… 100% confidential. I’m pretty disgusted to even hear that this behaviour exists!!
Adam Grocke I think banks have been on their ‘destroy broking if we can’ path for 20+ years — I believe their approach has now evolved into the consolidation phase of the industry IE.. happy to take business from brokers but they want a far more concentrated partnership (rather have $100M p/m from 1 broker than $1M from a 100 brokers). We as an industry need to understand this and adapt
Cartel behaviour...
They’re really not going to like Sherlok then … It’s the equivalent of “*new customers only” ie “fuck you, we already have your business”
Sherlok's AI engine powers Mortgage Brokers single click retention, repricing and refinancing
2dUmmmm… DM’s blowing up with brokers 😳