The best quality deals come through the most professional brokers, Omicron brokers tend to be the best because the platform allows those who shine to be rewarded and recognised. Specifically:
The system records and displays the metrics for every loan settled through the platform.
The system tracks loans that have defaulted, if a broker’s loan book has a elevated default rate this can be seen by lenders who can thereby avoid the broker.
Each broker is subject to star rating by lenders on every settled loan. If a broker has a poor star rating this can be seen by investors who can thereby avoid such brokers.
Lenders can give reviews on settled loan transactions. These reviews can be seen by other lenders who can avoid brokers with bad reviews and cultivate brokers with good reviews.
The system removes brokers who are dormant for 3 months.
These features ensure that only the most professional and productive brokers can remain on the platform. It also ensures that lenders have the ability to discern who those brokers are by using the data available.
The broker profile
The Omicron platform has a profile for each broker which is visible to all matched investors. The profile includes:
A history of all loans written on the platform by the broker, including settlement date, principal, security suburb, interest rate, default status, investor star rating and investor reviews;
Statistics on the broker’s settled loans, including default rates and star ratings;
Statistics on the broker’s rejection-to-acceptance ratio, including ratios of the standard reasons given;
Reviews written by the broker about other investors.
This information allows investors to be discerning in deciding which brokers they deal with.
At anytime a broker can suspend their profile (and disappear from the view of the investors). The broker can also ban or suspend particular brokers from seeing their profile.
The role of the broker
The role of the broker is to introduce lending opportunities to investors. In this role the broker is often known as a lenders’ broker because they see the lender as their client. This is distinct from a borrower’s broker who represents the interests of the borrower. The Omicron platform is used by lenders’ brokers.
The broker obtains lending propositions from accountants, real estate agents, lawyers, borrower’s brokers and financial planners. It takes a large pool of referral sources (say 50-100) to generate a viable deal flow (2-3 deals per week).
Having identified an attractive lending proposition, and having mandated the borrower, the broker will then search the Omicron platform to identify investors whose lending criteria match the lending proposition they have procured. The broker must make initial contact with the investor through the platform. After this initial Enquiry the parties may communicate directly or continue to message through the platform. If the investor does not wish to proceed with the loan they must reject the deal through the platform using standard reasons.
If the investor accepts the loan the broker will remain as liaison between the investor and the borrower until the loan is repaid. If the loan is a syndicate loan the broker will act as administrative agent for the syndicate for the duration of the loan. In this role the broker coordinates with the investors and executes their commercial decisions.
Broker Terms and Conditions
Brokers who use the platform are subject to Terms and Conditions.
Omicron uses a star-based rating system and displays metrics for every loan written by every lender and broker through the platform. This ensures that our brokers and lenders can be sure their counterparty has the track record of professionalism necessary for success.
Our lenders advertise their funds availability through the platform, this results in deals coming to them instead of needing to call around brokers. Additionally, our code of conduct and metrics on broker performance allow lenders to confidently deal with a wider range of brokers, and therefore a bigger potential pool of deals.
Our brokers use Omicron to find the best lender available for their particulare deal. The metrics on each lender which we display allow our brokers to have confidence in dealing with a wider range of boutique lenders.
Omicron utilises a star-based rating system and display metrics from every loan written through the platform. This ensures that brokers and lenders can be sure the counterparty they are dealing with has the track record of professionalism necessary for success.
Omicron is a network of private mortgage lenders and the brokers which takes the guesswork out of placing a loan privately.