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Internal Refinance - Q for the brokers

Discussion in 'Property Finance' started by Magnet, 30th Nov, 2015.

  1. Magnet

    Magnet Well-Known Member

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    Hi,
    What does the term internal refinance mean? Under what circumstances are they usually done?
    Also, what is a BDM? Is that a Branch Duty Manager?
    Thanks in Advance!
     
  2. Redom

    Redom Mortgage Broker Business Member

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    Internal refinance is when you do a refinance with the same bank. E.g. if theres a product switch there may be an internal refinance done, or if you want to remove securities on the loan, etc.

    A BDM is a Business Development Manager for the bank - they are generally brokers contact points for bank specific questions, scenarios, product, etc. They're the conduit between broker and bank and assist in training/developing/selling their bank to brokers. BDMs at smaller banks may do other things like pricing, etc that the larger banks have automated systems for.
     
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  3. Magnet

    Magnet Well-Known Member

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    Thanks Redom for the speedy response. Trying to get my head around broker speak!
     
  4. albanga

    albanga Well-Known Member

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    BDM is not broker speak it is a common term used in many organizations. I work for a recruitment company in IT. We have BDM's that work with existing clients and try and win new business.
    I get calls from BDM's daily trying to push products to me (they are responsible for my coffee addiction to be honest).
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Spot on - just sales really.

    Cheers

    Jamie
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    In banks we also have BPOs

    No.................... not offshoring / outsourcing

    Business Prevention Officers :)

    Those that have dealt with these types will now be either crying, or rolling on the grass laughing

    ta
    rolf
     
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  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    St George has only those - they don't actually believe in sales ;)
     
  8. Magnet

    Magnet Well-Known Member

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    I was actually referring to the term internal refinance as broker speak. But definitely think I have met some BPO's in my time. The St George BPO's may be the most efficient in their roles :confused: thanks Rolf :D
     
  9. Tony Xia

    Tony Xia Member

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    Or you can degrade them a little and call them Brochure Delievery Managers:)
     
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  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    to be fair, most of my BDMs are hard working knowledgeable people with good connections, which makes the pretend ones stand out

    ta

    rolf
     
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  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I agree. I'm dealing with a not so great one at present - it really makes the others shine.

    Cheers

    Jamie
     
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