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Firstfolio Aggregation Professional Development Day November / December 2012.

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Presentation on theme: "Firstfolio Aggregation Professional Development Day November / December 2012."— Presentation transcript:

1 Firstfolio Aggregation Professional Development Day November / December 2012


3 SETTLEMENTS 2012 July - September$373 Million 2011 July - September$356 Million ˃ = $17 Million > = 4.40% Growth 2010 July – September$351 Million Applications$43 Million Settlements$22 Million AGGREGATION WHOLESALE

4 Compliance & Risk Update 1.Brokers and especially Credit Reps need to notify FirstFolio of any changes to their:  ACL or Credit Rep status  EDRS  MFAA / FBAA Membership  PI  Address details 2.Conflict of Interest Brokers need to ensure that any potential conflict of interest does not disadvantage their borrowers. FirstFolio’s client needs analysis has a section which identifies potential Conflict of Interest. Loan Writers should document any potential conflict and mitigate to ensure the clients are not disadvantaged by the potential conflict. Examples:  An associate of a broker selling real estate for which the broker arranges finance  A marketing company associated with a broker that receives payment for each sale  A financial planner / broker seeking funds for investment arranging a loan

5 Compliance & Risk Update 3.A reminder about Exempt Referrers If you have exempt referrers sending you leads ASIC require the ACL holder to maintain a Register of Exempt Referrers 4.Responsibility Lending Objectives (RLO) assessment - This is primarily about what you have documented: -Did you make reasonable enquiries e.g. purpose, product, objective etc - Did you take reasonable steps to verify e.g. purpose, objective, exit strategy and income - Did you make a written assessment to confirm that the loan is not unsuitable 5.BROKER AUDIT RESULTS APRIL = 55% Compliant files SEPT = 85% Compliant files THANK YOU!!!

6 Important Lender Updates 0.575% Upfront < 0.625% previous qtr Quality MetricQuarter 3TargetCommission Override Submission Quality90.2%90% 80% 0.05% Conversion Ratio74.2%80% 75% 0.025% CBA Metrics – Quarter 3 CBA Metrics – Quarter 4 Quality MetricQuarter 4TargetCommission Override Submission Quality92%90% 80% 0.05% Conversion Ratio86%80% 75% 0.10% 0.65% Upfront = QTR $35000 UF Commission

7 ING Commission Base of 50bps+ Annual Settlement Volume to ING DIRECT < $25m>= $25m and < $100m >= $100m and < $200m >= $200m Application to Settlement Conversion < 60%-2.5 bps5 bps7.5 bps >= 60% and < 70% 2.5 bps5 bps7.5 bps10 bps >= 70% and < 80% 5 bps7.5 bps10 bps12.5 bps >= 80%7.5 bps10 bps12.5 bps15 bps Quarter 3.60% UF = 72.53% conversion V$114 million rolling 12 month Quarter 4.525% UF = 56.67% conversion V$96 million rolling 12 month

8 eChoice Lead Program Number of Brokers9 signed up Leads35 last week Amount$16 million Average$470,000 eChoice leads August300 / 106 million September330 / 124 million October552 / 218 million November300 / 130 million

9 Database Call Program Client Database Successful Contact Successful Contact % Email Transfer Hot Transfer Total Transfers Updated Client Details 25015964%1882652 26 Leads at 15% Conversion = 4 new loans Average loan size $300K @ 60% UF commission = $5,400 Less $500 call program fee = $4,900 net profit

10 Questions

11 Introduction: Tony Harris Executive Director FirstFolio

12 12 Currently Trading Well  Firstfolio is trading profitably  Key figures from FY12 results:  Revenue of $104.7 million  Operating EBITDA of $15.2M  Net profit after tax of $3.2M  Active loan book incr. of 3.6% $0.3b FIRSTFOLIO CAPITAL BROKING AGGREGATION WHOLESALE $3.3b $9.1b $2.5b $3.3b $9.1b $2.5b Active Loan Book 3.6% Growth $14.9b$15.5b

13 13 Well Positioned For the Future  Agreement in principle signed with investment group for $50m in additional capital  Placement at 3.5c/share (120% premium to 90 day VWAP of 1.6c/share)  Strengthens the balance sheet and provides further security for longevity of Firstfolio  Allows Firstfolio to be a serious competitor in the non bank/alternative bank sector

14 14 Constantly Improving  We’re creating a company culture that is focused on clients  We’ve defined a clear strategy to improve customer satisfaction  “Customer First” program in place to improve operational and client retention processes  Clear targets in place for the next six months to measure our success

15 Questions

16 Next Gen David Harris National Manager – Broker Technology & Support

17 A new generation in electronic lodgement

18 FLeaTS new electronic lodgement. What is it? Latest technology lodgement facilities to an expanded list of lenders Accommodates cross population of client data from FLeaTS to NCCP to lender submission – This was the largest single item that came out of your responses to the recent Broker Survey Feeds all lender application updates directly into your FLeaTS history – all history in one place Assists you to give even better client service

19 What we’re doing today  The new Client Needs Review & Prelim. Assessment (CRN)  Single data capture – FLeaTS to CRN to Loan application  Validation of CRN and Loan application  Submission to lender  Selecting and printing documentation packs  Lodging the submission  Back channel reporting into FLeaTS

20 FLeaTS electronic lodgement – the process  Create your client in FLeaTS – no change  Create your CNR (Fact Find) – limited change  Submit to lender from either lead list or CNR  Entered information pre-populated  Validate each page OR whole application  Send to lender  Receive initial feedback immediately  Conditional approvals  Referrals  Errors

21 FLeaTS “EL” – Advantages  Save time – share data between:  FLeaTS  Loan matching  NCCP  Loan application  Faster turnaround times with more lenders  Improved customer service  Lower error rates on submissions  All updates from lenders go to FLeaTS history plus you get SMS/email alerts (everything in one place) FLeaTS Loan Matching NCCP Forms ApplyOnline

22 How does it work? Step 1. Establish lead in FLeaTS Step 2. Create CNR and other NCCP forms as appropriate

23 Step 4. Enter any missing information into CNR to gain validation. Anything entered in any part of FLeaTS will have carried across to CNR Note mandatory fields * Step 3. Populate form

24 Step 5. Obtain CNR validation and “Save Updates and Exit”

25 Step 6. Exchange CNR Form


27 Step 9. Review Validation errors and enter correct data Step 10. Review validation warnings and, where required, amend data

28 View validation errors for whole application or page by page

29 Step 11. When application validated print online application pack.

30 Step 12. Print required forms ready to send to lender.


32 Back Channel Messages into FLeaTS

33 In summary – what it means to you It’s easy to use Huge time saving in processing your clients’ applications – provide better service No duplication of data – enter it once Receive all your application progress updates directly into FLeaTS (plus SMS/Email) – no more trawling lender site for updates Expanded list of lenders Easy cloning of files

34 Additional resources: Recorded tutorials – FF website FLeaTS manual – FF website Lodgement manual – FF Website Webinar training sessions FLeaTS Support – Ph: 1300 883480

35 Would Like to Thank Platinum Sponsor Silver Sponsor Bronze Sponsors Associate Sponsor

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