What is a Mortgage Broker?
A Mortgage Broker is a qualified, licensed finance broker who operates as a representative between borrowers and moneylenders. Using their vast network, resources and industry expertise, they help their clients to obtain a suitable home loan to accommodate their individual needs and financial circumstances.
A Mortgage Broker helps borrowers by providing expert information and contacts, by ‘comparison shopping’ the many loans available in the marketplace on the borrower’s behalf, and by facilitating a smooth transaction with little hassle to the borrowers. Brokers usually have access to a wide range of lenders and products and should aim to source the most appropriate loan for their clients. A broker looks at the client’s specific needs and circumstances and should be able to interpret which type of loan suits their clients and why. A Broker will look at the different angles of a loan application and will present their client’s request in it’s most favourable light, rather than just seeing whether it meets a checklist or not.
Remember, the Broker doesn’t get paid until the loan settles so it’s in your interest as a Broker to make sure you are doing things ethically, and within the lending policy set out by the lenders. Good Brokers will ‘chase’ approvals for their clients. Your service shouldn’t stop with just submitting your loan; it should continue right up to and after settlement.
As a Broker, you should be trying to minimise the legwork and hassle for your clients, and remain available to answer any questions they may have, even well after the loan settles. This way you can build a relationship with them so that you are the first person they come to when they are thinking of refinancing etc.
How Do You Become a Mortgage Broker?
Are you well organised, systematic and interested in the business of finance? Do you want to use your analytical and communication skills to assist people in purchasing their new homes? There are some actions you will need to take to become a Mortgage Broker in Australia.
If you want to become a mortgage broker and become accredited with major Australian lenders, you need to achieve a Credit Advisor (CA) status or an Accredited Mortgage Consultant (AMC) status with either the MFAA or FBAA.
– The Mortgage and Finance Association of Australia (MFAA),
– The Finance Broker’s Association (FBAA).
The industry associations requirements to become a finance and mortgage broker include completion of a Certificate IV in Finance and Mortgage Broking. Under MFAA requirements, from the 31st of January 2013, all current members will require the Diploma in Finance and Mortgage Broking Management to stay compliant. New members require the Certificate IV and to obtain the Diploma within a year of joining.
The National Consumer Credit Protection Act RG206 implemented during 2010, also has the Certificate IV as a critical educational requirement.
On completion of the Certificate IV in Finance and Mortgage Broking course, not only will you gain the required educational standard but gain meaningful hands-on experience. All our trainers have had years of real experience in the mortgage industry. You can also apply to the MFAA as an Accredited Mortgage Broker (AMC), or FBAA provided you meet their other requirements.
Courses are available face to face monthly in Sydney, Melbourne and Brisbane, and other capitals and regional centres. We also provide the courses online or via distance learning.
On completion of the Finance and Mortgage Broker courses, we can even put you in touch with groups to get you started.
How to Be a Successful Finance and Mortgage Broker?
A successful Mortgage Broker needs to be hardworking and great with numbers and research. There is a lot of organisation required, so they need to be decisive and determined to get the most suitable transaction for each of their clients. A good Mortgage Broker is organised, systematic, and excellent at problem-solving and analytical thinking. They must have exceptional interpersonal and communication abilities as well as a genuine will to help people and get the best achievable result.
Our Finance and Mortgage Broker courses could also be the starting point of a range of career opportunities and jobs, including:
- Mortgage Broker
- Credit Advisor
- Finance Broker
- Credit officer
- Loan processor
- Mobile lender
- Credit analyst / Credit Officer
- Loan manager
- Finance analyst
- Lending officer
- Credit Underwriter
- Lender’s Development manager – BDM
For details of the next course please call