All brokers are subject to ongoing review of their performance by the platform, specifically:
- The platform analyses the acceptance rates of each broker’s Loan Enquiries. Brokers with poor acceptance rates from investors with good track records are deemed to be peddling low quality loans. Upon detection the system will suspend them, and, in the case of repeat offenders, remove them.
- The system tracks loans that have been in default. If a broker’s loan book has a elevated default rate this can be seen by investors who can thereby avoid such brokers.
- Each broker is subject to star rating by investors on every settled loan. If a broker has a poor star rating this can be seen by investors who can thereby avoid such brokers.
- Investor can give reviews on settled loan transactions. These reviews can be seen by other investors who can avoid brokers with bad reviews and cultivate brokers with good reviews.
- The system displays to investors the broker’s track record of settled loans. This includes both statistics and a chart of the loans showing settlement date, principal, loan size, suburb, security, rating, default status etc. This assists investors in avoiding sub-standard brokers in favor of high quality brokers.
- 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 investors have the ability to discern those brokers by using the data available.