Having worked in the banking industry for almost 30 years and lending for 20, I have noticed in the few weeks of starting out as a Mortgage Broker that there is a lot of training and support provided.
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Brokers need to have education standards met; a Cert IV in Mortgage Broking at the very minimum.
It was important for me to have a Diploma in Finance and Mortgage Broking Management to be up there with the best of them. That was the first task that needed to be ticked off!
It has been a pleasure to be bombarded with a constant stream of compliance information.
You may have noticed headlines around the Banking Royal Commission and what has been uncovered from our biggest financial institution. With this in mind, it has been a pleasure to be bombarded with a constant stream of compliance information from my Aggregator, and training and accreditation from each BDM ensuring I am up to speed with their products and services.
Becoming a full member of Mortgage & Finance Association of Australia (MFAA) and being tested on their Code of Practice until I was reciting it in my sleep is absolutely fine by me because it ensures each member provides the highest levels of service to their customers.
The sense of pride within the industry has blown me away. For me, that feeling of now truly working for my customer, sourcing the best product that suits them, and not being restricted to one set of policies and procedures has been extremely exciting.
Yes, a Mortgage Broker gets paid an upfront fee and trail commission by the bank but this comes at no cost to the customer.
Financial Institutions know they are being compared, as you have awesome comparison tools at your fingertips that show interest rates, setup and ongoing fees so their products on offer and interest rates are sharp!
Brokers these days write about 53 per cent of deals and there is a reason for that.
I’m not saying there aren’t brokers out there that shouldn’t be in the industry – we read about them as well. So, do your homework. Ensure you are dealing with a values driven and ethical broker with the lending experience to provide you with the best possible outcome for your circumstances.