mortgage broker

Viewing 6 posts - 1 through 6 (of 6 total)

Jon
Participant
@wealthyjvd
Join Date: 2008
Post Count: 175
March 5, 2010 - 12:19 pm
hi guys,
i am only 19 years old, and once i finish my degree in Banking & Finance, within a few years i'd like to be a part-time mortgage broker.
i am just wondering what is involved, direct from those themselvs, and how to liase with banks etc..
duckster
Participant
@duckster
Join Date: 2004
Post Count: 1,674
March 5, 2010 - 10:35 pm
You can't liase with a bank directly unless you can write 2 million dollars worth of loans a year. Usually you use an aggregator.
Need a Mortgage Broking Cert 4 and a sponsor aggregator for 2 years.
see
https://www.propertyinvesting.com/forums/getting-technical/finance/4331028
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 6, 2010 - 3:01 am
Duckster Are you sure you only need $2M per year to go direct.
I deal direct with one of the majors and their hurdle was a lot higher than that.
Richard Taylor | Australia's leading private lender
traceyimb
Participant
@traceyimb
Join Date: 2003
Post Count: 82
March 7, 2010 - 9:52 am
Hi Wealthyjvd,
There are quite a few requirements to become a mortgage broker.
Cert IV Financial Services
MFAA membership (and an existing MFAA to mentor you)
Professional Indemnity Insurance
COSL Membership
Accreditation with the lenders
Sequal accreditation (if you are doing reverse mortgages)
ASIC registration and licence (this year ASIC is starting the process to licence all brokers)
Many of the lenders have volume hurdles to retain the accreditation. This may be made a little bit more difficult if you are only working part-time. Perhaps working part-time for a busy brokerage would be better than working for yourself. They would be able to mentor you and provide you with the training and leads – you get paid less commission but you get the experience and its easier than starting a business yourself.
Kind Regards,
Tracey
number 8
Participant
@number-8
Join Date: 2010
Post Count: 333
March 7, 2010 - 10:11 am
If you live in Sydney, and are interested, I am looking for keen people to work with on a casual or full time basis. If your not looking for work just drop in and I will show you a day in the life of a broker / planner.
http://www.birchcorp.com.au
thecrest
Participant
@thecrest
Join Date: 2004
Post Count: 992
March 7, 2010 - 11:32 am
Number8 just renewed my faith in the finance industry – where was this kind of direct help when I was fresh out of high school?
(It was probably there but I didn't have wealthyjvd's initiative and didn't connect with an amazing Forum like this one and the great people in it ! )
Thank you
cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Me
selling motels in NSW