Hi all,
I am working towards changing careers and becoming a mortgage broker. So far I have completed the MIAA educational requirements [grad], but am now having some difficulty finding an aggregator to accept me due to my lack of experience and desire to begin broking part time for the first few months.
Does anyone have any advice regarding aggregators which might accept me?
I understand that there are other paths into mortgage broking, but this is the one I am most interested in.
Thanks for your help! [biggrin]
I think most aggregators need at least 2 years experience before they will take people on. Maybe Lawfund will be ok??
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I know a great aggregator that you should be able to get on board with.
What state are you in?
Have you been able to obtain MIAA membership?
Kerri
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Hi Kerri,
I am in Sydney.
No, I haven’t been able to obtain MIAA membership yet. It’s a catch 22 situation – I cannot become a full member because I don’t have 2 years experience and I cannot join as an AMC until I have found a sponsor/aggregator.
I have found several aggregators who are willing to sponsor new entrants, but none that are for part timers. The intention is to go full time as soon as I can, but initially it’s not financially viable for me.
There are other ways to get into the industry.
Mark if you want to send me an email.
I might be able to point you in the right direction.
Kerri
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Is there anyone out there who has had experience with Fintrack?
I would not use Fintrack. They made you pay for training when I dealt with them and they have been kicked off by a couple of major lenders in the last two years for less than favourable practices. ASIC had issue with them at the time.
Although they have fixed all the problems they have faced, they still do not have the best reputation. I think they need a bit more time.
I also heard one of their key employees left last year and started in opposition to them kind of like what has happened with Aussie.
Other than these problems, they are a nice bunch of guys.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThanks for your thoughts, Advisor.
From what I can see, Fintrack’s current lender panel doesn’t have any glaring omissions although you could not say it is wide ranging. Perhaps they have been reinstated with those lenders now.
It is your choice either way. Have you ever wondered why they take brokers with less than two years experience?
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksI have previously used Fintrack, AFG and then PLAN, wasn’t happy with any of them.
I have come across a great aggregator in QLD which are expanding into the other states that pays upto 120% of commission from the lender and they pay it within 5 days of settlement.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
How are they able to pay 120% of commission?
Do they pay 120% upfront in forfeit of some/all of the trailing commission?
Think about the ongoing viability of the aggregator becuase it they go out of business then you lose your trail. How can a business pay 120% and be viable?
I use PLAN and they are the best (I think). I have used AFG and they were poor.
Cheers
Stu
I am from Fintrack – please get your facts right. We were terminated by one lender because of a Broker fraud which is subject to litigation (despite the fact that other large aggregators have not been for the same reason).
Our ASIC problem is well documented yet one lender decided to terminate us but didn’t do the same when Mortgage Choice had their more serious problems.
Notwithstanding this we anticipate being back on both panels in the next month or so.
Training is not compulsory but we request new entrants undergo some form whether ours or others.
We help new people as it seems no-one else wants to.
We offer full support plus 100% upfront and 100% trail for $100 per loan plus GST.
Michael Houston
Fintrack
0412 116 099Michael, which ‘facts’ were not straight?
Is broker fraud not a ‘less than favourable practice’ by a representative of the organisation which adversely impacted everyone in the group?
Did you not charge for compulsory courses offered by Fintrack in the past regardless of whether someone joined your organisation or not?
Did ASIC not have some issues with you in the past?
Have you not now fixed the problems but still have a reputation problem seeing the two lenders that left are still not on your panel?
Did one of your key employees not leave your group and start in opposition?
Do you not take brokers with less than two years experience?
…OR…
Are you not ‘a bunch of nice guys’?
I do not see the point behind your post suggesting my facts are wrong?
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksHi mortgage experts,
I noticed add in Brisbane from Smartline group for mortgage brokers/franchise opportunities. Any comments about the group?
Thanks.I have no knowledge of them. A franchise is a lot harder to operate for the less experienced as you need a lot of turnover to maintain costs.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThanks for advice Mortgage Advisor.
No problem,
Good luck with your decision. It is definately a hard industry to operate in.
Have fun.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksFintrack here again – sorry about the delay but I’ve been away.
My points about broker fraud and ASIC is that all aggregators have experienced problems but the Lenders have double standards – no one takes action against AFG or Mortgage Choice.
We do not have compulsory training and we do take brokers with less than 2 years experience.
With any franchise you should be very careful about the time you sign up for as you are stuck with them and invariably lose your trail if you leave.
The point already made about the set up costs of a franchise is very well made – you have to pay for the franchise, pay to set up a shop (usually in expensive rental areas), pay for staff etc – all before you sell a loan.
Better to start slowly on your own from home and build up.
The 120% aggregator I know and they only pay upfront, no trail. Surely trail is the whole point of the exercise?
Michael Houston
Fintrack
0412 116 099Michael Houston
Fintrack
0412 116 099Mobile phone retailers thought trail was the main point of the exercise in the 90’s… and that’s why most of them went bust. The main point of the exercise is to make money and stay in business. For a new brokerage firm that means getting you hands on upfront commission to pay for upfront costs. Too many brokers are too trail focused.
Cheers
Stu
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