Hi,
I need informations on how to be a mortgage broker. I have a full time job and wants to be a part time broker. Can anyone advise how I can establish myself to be a mortgage broker like how to build the relations with banks and what would be required to do that.Firstly you need to align yourself with an Aggregator as most lenders will not allow you to submit to them directly.
Many Aggregators require you to be Cert 4 licensed before they will take you or altenatively have 2 years industry experience.
You might want to try and team up with a mortgage broker in your area and submit your deals thru them as it is unlikely you will get Professional indemnity insurance starting out afresh.
You will need to look at joining the MFAA and probably someone like COSL to cover dispute resolutions.
Richard Taylor | Australia's leading private lender
Thanks for your comment. I am currently working in a bank, do I still need to apply for cert IV. How do I get connections with other banks? Where can I take MSAA.
Regards,
JohanHi Johan
Yes you will still need your Cert IV.
Only way you will get connections with lenders is through your Aggregator as they will give you the list of the BDM who will look after you.
Regretfully dont expect too much in the way of service from a lot of them who merely focus on some of their bigger producers.
The industry is not blessed with great customer service in the main.
Richard Taylor | Australia's leading private lender
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