All Topics / Finance / Best aggregator/wholesaler
Hey people,
I’m looking at becoming a mortgage broker and i was just wondering which are the better aggregators are out there?
Are there any brokers out there unhappy with the aggregator they’re currently with and why?
Also who are some of the aggregators they can recommended.THeres so many out there, i’m finding it hard to decide.
Thanks!
CIMHO size matters, the bigger the better. i would be cautious of those offering 100% – i’m not convinced they will be around as long as you are – and then you have the hassle and risk of what happens then.
PM or email if you wish to discuss further off line.cheers
brahms
If you don’t ask, the answer is no!!
I use PLAN. They are great. I would strongly recommend them. When you are starting out look for the one that is professional and will help you.
I have used AFG and they were crap!
Cheers
Stu
Get one of the mortgage broker magazines such as MPA- Mortgage Professionals Australia and go thru all the ads in there. We use FAST, who only take a flat fee per deal.
One thing you have to watch out for is the safetly of your trails.
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
thanks for the replies.
I’ve already had meetings with AFG, PLAN and FAST, although the latter 2 required me to be a full-time member of MIAA which basically rules me out. Otherwise i would of signed up with FAST.[glum2]SW, Was there anything in particular you didnt like about AFG? They seem to be one of the biggest wholesalers with many brokers under their wing. Their gross commissions seems to be a touch higher then the competition, although they could only offer 80/80.
Has anyone had any experiences with Equity Ideas, FinTrack or FASA?
Thanks again!
one more question, I’ve noticed that PLAN and EquityIdeas (www.equityideas.com.au) both use a TRUST to allocated commissions. Basically, are these trusts worth their weight in gold?
C
I use PLAN, they are extremely professional and the software is excellent,
I personally would not use an aggregator that doesn’t have income protection in place via a Trust, basically its insurance against your trail in the unlikely event the aggregator goes belly up,Feel free to PM or call if you require any info,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
AFG were unprofessional and disorganised. They couldn’t arrange anything. Their commission processing was poor as well. Overall, a very poorly run business. They are more concerned with getting more business rather than quality (hence the difference in admission quality). They’ll take anyone!
Cheers
Stu
I am with Choice, seem after 1 year very good with software, compliance, trails, payments etc. The “Trusts” setup may be a problem as owned by the Aggregator and what happens then if they go belly up? I know gadens cautioned against this type of scheme. FAST & PLAN seem good especially if new. Most will want you to be member MIAA and most banks also.
I’ve also noticed with some aggregators, some offer software free of charge (PLAN) whereas others you have to pay each month for the use of them. I just wanted to get an idea of how useful they are to other brokers out there? Do they prefer the software over the traditional pen and paper mthod?
Thanks
CHi there,
just thought you might want to contact me and i can run through some advice for you. I have added some information about myself and services. Hope i might be of help.
I am a specialist recruiter that majors in mortgage and financial planning recruitment. I am rolling out a huge operation in regards specialist recruitment in these areas in Australia. So far I am finding this is an area that needs serious professionalism and a decent specialist recruiter to find brokerages that talented candidate that can add real value to financial organisations. Please see below my credentials for your interest and I look forward to maybe dealing with you. The new Australian vision = http://www.verticaltalent.comYou should be aware that Vertical Talent Finance is fast becoming Australia’s leading financial lending specialist recruitment provider. With pioneering candidate assessment technology which is unrivalled across the Finance recruitment industry, highly experienced consultants and a rigid recruitment process; Vertical Talent is regarded as ‘best in class’ by both clients and candidates! We have a built a technical mortgage frame work to assess our mortgage candidates on line – you the clients has all this information when we present candidate’s CV on email. The added extra!!!My credentials I first started in the FS industry as a Financial Planner for Savills, (SPF). Was one of the top performing brokers in the country writing heavy amounts of business in HNW arena. Then became a business manager for TML running their a large team of 60 mortgage brokers in the sub prime market, then I had my children and found the hours were too long so started (KKC Ltd) Mortgage Recruitment consultancy from home initially.Kingston Knight Consultancy was born http://www.kingston-knight.com which has been running for over 5 years and is the leading mortgage recruitment specialist in the UK to date. Servicing lenders, networks, independent brokers, commercial, banks, and not least the disappearing sub prime market. Managing over 15 recruitment consultants none of which came from a recruitment background all from the mortgage industry. I have run my business like a consultancy so to educate brokers and help the overall business not just on the recruitment side. So you can clearly see how I devised a very successful recruiting model in the UK and now I have launched this across Australia and our services are available for you now.Kind regards
PLAN does not require that you be a member of MFAA (there is no MIAA). You can also be a member of the FBAA.
If your are not a member of either, you should consider reviewing your credentials as they are almost a 'must have'.
I have just joined PLAN, but I have no real feedback yet as I have had only limited dealings with then.
Cheers.
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