I was curious to know if anyone knows the requirements that are needed to become a mortgage manager?? Is there a licence which is required?? It is my understanding that this industry is fairly not regulated and it is therefore possible for anyone to get into this industry. How does one usually set up agreements with banks and insurance companies??
Hi Insider…
Basically you will need to be writing $10M a month in residential property finance over a period of 6 months before any of the wholesale arms of the banks will open discussions.
You will also have to show due dilligence in managing and creating relationships within your business, have the right personal to assist in approving credit (that is they have to 12 months + experience) a system and Quality Procedures manual…all in all if you start from scratch it would take time however businesses are always for sale….good hunting
Tony Barton
Hi insider
I assume you mean mortgage broker rather mortgage manager as there is a slight difference. Tony’s figure of writing $10million a month is not far from accurate but you can always become a member of an association who deals direct with the Bank and receive a percentage of commission. Bear in mind each state has different legislative requirements for finance broking. If you need any further info email me at [email protected] and i would be happy to point you in the right direction.
Regards
RichardMy husband is relatively new – 6 months- to brokering, and has learnt much, tho’ he had previous experience with ING bank. My advice to you is to look for someone who understands what u want to achieve, and ask their processes/fees/time frames – they will vary widely. Find someone u can really talk to, and who doesn’t come over as an amateur. Lots of brokerages have people with long experience in dealing with lots of different bank/non bank lenders – don’t be afraid to ask any question.
I have a good friend who is both a mortgage broker and accredited mortagage originator. He would be worth contacting to ask the kind of questions you need to ask. it may be possible to act as an agent of his business for a while to get the feel of the industry without the costs. He is in Sydney but that should not be a barrier for people in other states.
He is familiar with the wrap concept and has a good record of fast approval and settlements. Anybody interested in his contact details can email me at [email protected]
Cheers,
Roger Coggins
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