The mortgage broking industry in Australia welcomes mortgage brokers every year from various corners of the country. However, the success rate differs from one mortgage broker to another, given the factors that determine their input. It is important to understand that the competition is intense and to reach the top, you must be familiar with the proper process, procedure and the factors that can acquire you the excellence you are craving. Hence, the professionals of Become a Mortgage Broker bring you five things to learn about the mortgage broking industry before you step into this world.
1. The right qualifications for mortgage broking are required.
It is essential to come across the right courses needed to get into the mortgage broking industry and start as an Australian mortgage broker. The experts of Become a Mortgage Broker suggest that anyone stepping into this industry must get a hold of a Certificate IV in Finance and Mortgage Broking. This certificate is the main industry requirement that even experienced brokers are needed to acquire under ASIC requirements to become accredited with lenders and for credit licensing, FBAA guidelines and MFAA guidelines.
When it comes to the MFAA (Mortgage and Finance Association of Australia), the members are also required to obtain a Diploma in Finance and Mortgage Broking Management. It should be noted that the members should achieve the diploma within the time period of 12 months from being a member. Also, it was announced in December 2017 by the Commonwealth Bank of Australia that this particular qualification should be required by brokers to become accredited with them. Apart from these qualifications, a broker must acquire an AML/CTF certificate in addition to the completion of BID and financial abuse courses.
2. Building your network is crucial.
The path to a successful business also has a corner of a good network which is why building a reliable network is pretty vital to keep the business running. One might think that mortgage broking just ends with initiating relationships with lenders and loan officers. Well, networking doesn't just end there. Networking is endless if one knows how to do it. You will find professional mortgage brokers establishing connections with real estate agents, other realtors, and even builders. They also report that rendering good incentives to builders can secure them as the go-to broker for mortgages. Also, it goes without saying that connections to financial institutions can also be an amazing source for your business.
3. Develop business standards
Building trust in your clients isn't easy, but it's not that tricky as well. To build trust, you as a mortgage broker must inspire that trust in your clients, which calls for the development of standards and ethics related to business while following the same. For instance, your client will probably appreciate your discipline and punctuality of yours when it comes to answering their phone calls and messages. Understand that it is quite frustrating for some clients to always wait for the broker to call and confirm an offer and its details. Also, developing a trait to explain the details of any offer thoroughly will ensure your clients that you don't want to rush them and have their best interest in mind.
4. Compliance and self-marketing go a long way.
A mortgage broker is as good as his knowledge of current affairs regarding the property market. Therefore, to stay compliant, you may have to sign up yourself for compliance training and basics such as complying with states' licensing requirements. This also includes staying informed related to new federal rules that get established under other industry requirements. The client trusts you more and wants to work with you when they see the level of erudition you are equipped with regarding the property market since they are always looking for varied opportunities along with legit advice for residential and commercial properties.
5. Learning is an ongoing path.
You must never come to a point where you accept that you know everything since there is never an end to it. The mortgage broking industry in Australia is always evolving and developing, be it the trends, compliance standards or business strategies. The attitude to keep learning and to improve the quality of your own work will provide you with the trust and confidence you need in front of your clients.
Learning and innovating along with the understanding of mortgage broking industry analysis, trends, statistics and forecasts is something that works for a novice mortgage broker in the long run. Become a Mortgage Broker helps you in achieving the service skills of mortgage broking in Australia while assisting you in learning marketing and networking. We follow a 10-step pathway, from obtaining the Certificate IV in Finance and Mortgage Broking to obtaining bank accreditations so that you reach personal and financial freedom.
Contact us today and sit through a one on one consultation, and we'll help you achieve your determined goals and aspirations along with the level of experience you have.