Mortgage broker

Maybe you could do a better job yourself?

I have to 100% agree with Banker and surely you dont want people with 5 days of mentoring experience out there advising sophisticated investors on the lending requirements.

The new legislation is trying to clean up the image and professionalism of the broker market and to me this means a combination of  experience and education and understanding. Non of which in my opinion you can hope to get in 5 quick days.

If i had my way then there would be minimum education standards and the time spent in the industry would be minimum of 5 years before you could be accreditated with a lender.

The days of the part time broker or the job sharing approach between your day job and a wee bit of broking in the evening surely has to be a thing of the past.

Regretfully all you need these days is a Cert 4 in Mortgage lending which as Hans points out takes a week and an aggregator to take you on (sometimes harder than it sounds). A couple of industry memberships Credit License and you are up and running

I would like to see a minimal education standard (Cert 4 is a joke) and that you have had some previous lending or financial experience.

Just dont get me started………

Hi Banker, we like ‘new blood’ because they have no reference points from the glory days.

Many ‘experienced’ brokers have a tumour about what was and what is.

Our training systems and technology can help newbies become confident and competent.

It helps when they are the RIGHT candidate to start with.

I agree with the truck driver analogy, and this would make you cynical but the RIGHT candidate would surprise you with their achievements,

As a banker, you might want to triple your earnings

http://www.brokersite.com.au/mortgage_house.htm

How would you suggest someone wanting to become a broker get started? Obviously the Cert IV, but then where?
Who do think would be the most suitable mentor, and what other courses could one do to learn more about legal and accounting issues?
Would a uni degree in finance make one more equipped to offer advice in mortgage broking, or simply time in the industry?

Any thoughts would be much appreciated!

Looks like i am being dragged into a p*ssing contest.

We spend more time mentoring accountants, financial planners, property marketers, school teachers, ex corporate executives than truck drivers and brickies labourers.

So lets adjust the image of a new broker (you were also once new to the industry, remember).

It would be argumentative and arrogant to suggest that no one outside the industry would be worth recruiting and mentoring.

Banker, you are totally misleading this forum to say that most mobile / retail lenders working for the Banks earn hundreds of thousands
even half a million per year.

I challenge anyone to produce a bank employed mobile home loan lender earning 500K (hey, even 100k would be rare).

Staying with newbies…

I don’t think Mortgage Choice has ever recruited an existing experienced broker but are one of the great success stories.

Loan Market (Ray White), Aussie, Mortgage House, are all running public information evenings to recruit new brokers
from outside the industry.

Frankly, many existing brokers have become too negative and aren’t coping that well in the world where comms and trails have been
slashed and deals are harder to get set.

I recruit for many aggregators and lenders in the industry and most prefer clean slate, new brooms to mould than disgruntled dinosaurs
living in the past.

Hey guys,
I think we can make our point without putting others down.
Start your sentences with, “from my experience, I’ve found…..” instead of losing control and criticising someone else’s experience, huh?

Sorry – my posts would come across as putting Hans down but it’s not my intention.

From my experience, lack of experience is one of most crippling factors in the industry. It also affects the viability of a good brokers business by blocking lenders turnaround times with crap deals (one bank recently saying they need to rework 70% of broker applications versus 30% of their own).

You can google or read this site for hundreds of complaints where people have been let down by bankers or brokers. People have lost money, lost their homes and in some cases families have separated due lack of competence and experience of their advisors.  

To clarify to Heathers questions, what you need to do to get into the industry?

 The answer is not much. There are people out there that are looking for people with no experience.

The other thing to keep in mind is your expectation.

One of Australia’s leading aggregators recently announced settling more than 800M per month. The second time in the history of the company.  Shared between almost 1200 members at say 0.6% this is $4000 a head before the brokers pay their fees and charges. And thats a good month! Unfortunately the top 20% of their brokers will take the lions share leaving the average broker with a measly income.

Hans,

Sorry to pick on you. However there are a couple of posts you have placed where people ask questions re finance. Your reply is “do it yourself” with a caption in your signature promoting NIL experience?
Above you say you bring on accountants and planners rather than truck drivers?
Maybe clarify your market – in my view, if you promote your business in an on-line forum expect people to question or poke sticks at it.

Re your quote above “As a banker, you might want to triple your earnings”.  I think you’re a little of the mark. Terry has the best advise I’ve seen on this post – heathers – sounds better if you were to just join a bank!

At a starting point of 70k for a mobile banker you your guys need to make min 210k to give your statement an credibility.  Bankers also get bonuses.

Maybe brokers with less than five years experience should have a ‘P’ on their cards. OR at least get the clients to sign an acknowledgment that they understand their broker is still learning?

Back to the original post "Does anybody have any views on Acceptance Finance". I too have email property investing finance only to get an email back from Acceptance Finance?