Aurora set to light up the market
Aurora Financial, which launched its own KiwiSaver scheme this year, is now looking to grow its mortgage advice business.
Friday, December 10th 2021, 7:08AM
The company has appointed a new head of mortgages, and aims to be MortgageLink's biggest writer by volume next year.
Chief executive Simon Rolland says he was attracted to MortgageLink as it had, in his words, the best CRM, which is offered by AdviceLink.
The goal is to write around $250 million worth of business. While it will have five mortgage advisers by the end of January, it is looking to bring on another five later in the year.
Rolland says the Aurora model is different to other groups. Advisers are salaried with a "client outcome bonus", and it also has an internal credit analyst.
This person does an assessment of all deals before they are lodged with a lender to make sure they have all the correct information and also will help to ensure any deal meets the new CCCFA requirements.
Rolland says the group has a similar a model with its life insurance advisers.
Lenders and insurers can "get very frustrated, very quickly," he says when applications are incomplete.
Having applications checked before lodgement helps build good relations with lenders and insurers.
Rolland says he has had no difficulty finding advisers, even though the firm uses a salaried model.
He says people like certainty and the last thing they need is stress over whether a deal will be approved or not.
Just as importantly the salary model "drives good behaviour".
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