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  • Profile photo of Chief BandogChief Bandog
    Participant
    @chief-bandog
    Join Date: 2007
    Post Count: 19

    Dear all
    Im currenlty finishing my cert IV and hoping to become a mortgage broker very soon. My main problem is finding an aggregator that will work with a new broker who has less than 2 years experience. One way was to buy into a franchise but the costs are extremely high for a start up business. Can any way help with this dilemma and suggest who will work and support a new broker. Some have spoken about working for someone else but i would like to investigate other options before going down that path… any help or suggestions will be greatfully accepted

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Hi Debden – good on you for doing your Cert4 – it will help with work that's for sure. Did you know many brokers/staff do not even have the old 'Cert3', and have done very little to educate themselves on the market and how to treat customers. Of course, I am a great believer that genuine practical experience outweighs any 'qualifications……that said, there are indeed plenty of agregators, but the MFAA changed guidleines this year for membership (it is an absolute crock if yo ask me, but tha't another story) meaning that you need either 2 years industry experience, OR your Cert 4 and a couple of other basic intor MFAA courses. Essentially, you then need a 'sponsor', which would be either your employere or under the umbrella of the aggregator if you can find one who will help you. PLAN and CHOICE come to mind, but I cannot say how they are in regard to your issue. Many mortgage or industry type magazines are full if adds for aggregators, so that may be an idea to track some down. All the best with the broking……..and if I can give you 15c worth of my opinion for the journey……….  0.3% of something is better than 0.75% of nothing :-) Let us know how you go.  PS IF you do decide to work for/along with another borker, run a mile from any 'commission only' positions.

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