Using NCCP Compliance As A Marketing Tool

Posted by Aug26, 2014 Comments Comments Off on Using NCCP Compliance As A Marketing Tool
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Many mortgage brokers love to complain about the NCCP Act. They protest that the regulations are too restricting, too time consuming. While it is true that NCCP Compliance takes time and effort, if you are looking at compliance as an imposition then you are missing out on some of the great benefits that compliance can offer.

In truth, full NCCP Compliance is a good business practice all across the board. The policies and procedures that you are required to have to cover your obligations under the Act are full of good business strategies and advice. When you are fully compliant, you will see remarkable benefits for your business. But it doesn’t stop there. You can also use your compliance to attract new clients.

Ironically enough, the processes that people complain about the most are the ones that create perfect marketing material. In order to be fully compliant, you have to have testing procedures in place that prove your compliance. And if you are frequently testing and showing results, there is no reason that you shouldn’t share that with consumers as part of your marketing efforts.

“Your status as a licensee should be used as a selling point to consumers, to highlight the fact that you have an absolute duty to ensure their best interests,” said Greg Ashe, Director of NCCP Compliance monitoring company QED Risk Services, “NCCP compliance is a must to maintain your ACL. However, if you’re doing it you may as well brag about it.”

The benefit is that there is really no additional work needed to leverage your compliance as a marketing tool. Once the procedures and reporting methods are in place, the marketing potential is limitless. Following are a few tips from Ashe on how you can use NCCP Compliance as a marketing tool:

  • Include it in credit disclosure documents.
  • Use compliance and ACL statements as advertising on your website.
  • Use your compliance in your sales pitch, which may even put doubt in the consumers’ minds about your competitors.
  • Publish case studies and test findings.

Your compliance will also help put your potential clients at ease. One of the keys to complying with the responsible lending obligations in the NCCP Act is doing a detailed and personalised assessment of the consumer’s budgetary circumstances. This type of assessment assures both you and the consumer that the contract is a good one.

The whole assessment process should be directed to providing comfort to consumers looking to place their financial future in the hands of a mortgage broker. By publicly acknowledging your compliance, consumers can be sure that they are working with a broker who is not only licensed, but also has the their best interests at heart when making deals.

Remember that the NCCP Act is there to provide protection and security to both clients and mortgage brokers. Your compliance should be at the heart of your business, and talked about often in your sales meetings and marketing materials. When leveraged this way, your compliance will not just help you run a better business, it will also help you attract new clients, and keep them.

 

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