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For those advisers who haven’t used PPS yet or don’t know how, why should they and what should they know about it?
Nonconforming loans made easy with technology Pepper Money’s national sales manager, Michelle Sargeant, talks about the innovative Pepper Product Selector (PPS) tool, which is making it easier and faster for advisers to find solutions for underserved borrowers.
PPS, a market first for a Kiwi lender, is an online lending tool that allows advisers to swiftly give customers an indicative offer. Simply by answering a handful of questions about the customer’s situation the tool returns a product match, indicative interest rate and associated fees, in less than five minutes. PPS takes the guess-work out of finding the most appropriate Pepper product for advisers’ customers, especially for for investment lending and complex structures. PPS can be used for any customer situation. However, it can be particularly useful where their circumstances will not typically fit the bank’s credit criteria and are searching for an alternative solution.
What sort of technological changes has Pepper made recently for the adviser channel? Following feedback from a group of early adopter advisers, Pepper Money made some further enhancements to the tool, adding the ability to calculate the customer’s borrowing power before returning an indicative offer tailored to the customer’s circumstances. We wanted to make sure that those clients never need to leave an adviser’s office with a “no” when it should have been a “yes”.
Advisers have really embraced the extra information they are receiving upfront to help their customers make a decision. Those advisers who are relatively new to writing non-conforming business are finding it easy to use, and it’s helping dispel the misconception that writing a non-conforming loan is too hard. Those who have recently used it for the first time have told us they like how easy it is to access the tool, they love its simplicity, and how quick it is to use.
What about for those tricky deals, can the PPS tool still provide an indicative offer in those cases? For the majority of scenarios, PPS will provide an indicative offer which includes the product, rate and applicable fees. For those extra tricky deals, PPS will refer the adviser to the Pepper Scenarios Team, who are trained to work with the adviser to determine the best and most appropriate outcome for the customer. If we can find a way to help we will.
After an adviser uses the tool and receives an indicative offer, what happens next? All the adviser needs to do is submit a formal application as per the usual process – attaching a copy of the PPS indicative offer to the application.
How are you seeing advisers use the PPS tool?
If advisers want to start using this tool or they want to find out more, what steps should they take to do that?
We’ve been really impressed with the uptake in New Zealand. We’ve now accredited nearly 450 advisers to use PPS and first time users of the tool are up 27%.
We have lots of information available on our adviser portal alternatively an adviser can talk to a Pepper Money BDM to request a live demo via webinar. ✚
The Pepper product selector tool: What's in it for brokers
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Convert more customers Create incremental sales and revenue opportunities
Alternative to a decline Pepper Money may provide a viable loan alternative in minutes
Improve customer service Provide a timely, readily available and customised product offer
Ease of use Mobile-responsive application with one-time log-in to Pepper Product Selector and the credit bureau
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No cost Free for accredited brokers to use and submit Pepper Product Selector applications to the bureau It’s fast Receive an indicative decision within minutes
