All Topics / Finance / Becoming a mortgage broker

Viewing 20 posts - 41 through 60 (of 126 total)
  • Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Post Count: 12,024

    Heh Wayne

    You are allowed to contribute to the forum as well.

    27 posts and 24 of them telling the forum how imformative you found the post followed by a 7 line profile tage is not in the spirit of the forum.

    Richard Taylor | Australia's leading private lender

    Profile photo of Lloyd HopkinLloyd Hopkin
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    @lloyd-hopkin
    Join Date: 2009
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    I though it might be useful for some on the forum to hear about the process from a Trainers perspective.

    The Certificate IV is the first step in joining the MFAA as well as the FBAA. In order to deal with the big 4 banks and most of the other lenders you will be required to be a member of one of these associations. The Certificate IV is often the best place to start because your course provider should be able to give you direction in regards to the other accreditation requirements.

    (You may also benefit from learning about how the industry works before making career decisions such as: if you should quit your current job; whether or not to purchase a franchise; which aggregation group to join etc…)

     

    In addition to a Certificate IV your MFAA Application you will also require:
    – Police and Credit check
    – Professional Indemnity Insurance
    – External Dispute Resolution
    – Initial Compliance Pack (Through the MFAA)

    It has been my experience that students who take the time to attend the face to face training sessions obtain a much greater knowledge of the Industry which they are joining and the value that their role is supposed to add to it. The formal classroom seems to be the best way for people who wish to enter the industry to gain their initial knowledge.

    The face-to-face training option is obviously the more expensive than the distance options for the student. The associated costs to the training organisation for facilitating face-to-face education are also much higher. From a purely business point of view I can see why the majority of educational providers are now pushing online training, because the associated costs are so much lower and the margins are significantly higher.

    While both the distance education and face-to-face course contain the same modules with the same information and eventually the same qualification (Certificate IV), the information does not have the same context as when it is presented in a classroom environment. Form our correspondence with these students we find that a majority of distance learners are learning the information to satisfy the Assessments and Exam, while our face-to-face learners have a more holistic knowledge of the topic and then have no problem satisfying the Assessments and Exam. Education for Knowledge (Understanding) or Qualification (Certificates)?

    Once you are accredited you will need to build up a through knowledge of loan products and lending institutions, which can take a variable amount of time depending on a brokers individual  competence, motivation and industry contacts. In joining the MFAA you will be required to have a mentor for your first 2 years of operation who will be there to assist you in placing loan and operating as a broker.

    In regards to obtaining this relationship, many brokers obtain a mentor by working for someone else, this is however not the only way of sourcing a mentor. Industry relationships can be built up through aggregation groups, partnering or joint ventures with existing brokers or buying up franchises.

    But I have already gone on for long enough; you can email me if you have more questions.

     Lloyd HopkinTraining ManagerWalker & Miller Financial Services[email protected]http://www.walkerandmiller.com.au

    Profile photo of hschmidhschmid
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    @hschmid
    Join Date: 2007
    Post Count: 87

    visit http://www.brokersite.com.au to learn about becoming a mortgage broker
    start part time, no joining fees

    Profile photo of WhatIfWeFinanceWhatIfWeFinance
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    @whatifwefinance
    Join Date: 2009
    Post Count: 58

    Chris and Richard I totally agree with your comments. In my expewrience most brokers can only deal with basic structures and anything beyond the standard type deal becomes too hard. When looking for a broker I firmly believe you should interview a broker like you would a prospective employee. Do not be sucked in by the big brands (this in no way implies the do a poor job) and find a broker that:

    1. you feel comfortable with

    2. understands your needs

    3. understands property investing

    4. will partner with you for the long haul

    5. obesses about customer service and can make things happen for you

    Personally like Richard I also will only commit to a client who does not scheme .

    Finally if you feel you need to become a broker because the quality of brokers you have experienced are not great think again. It is not that easy. My advice would be you be better served looking for a broker who meets your needs.

    Rgards

    Profile photo of lubeylubey
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    @lubey
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    Hi guys/Girls,

    So i'm thinking of diving into the world of independance and starting my own Broking firm. Obviously this will be a 5 year plan, with experience being neccessary before going it on my own, but i thought i would get some feedback from people who deal with Mortgage brokers on a day to day basis to guage my potential success in the industry.

    Firstly, addressing the issue with lack of  technical knowledge of brokers considering the relatively low level of education required to get qualified. I have a bachelor of Applied Finance from Macquarie Uni, and will be looking to getting the Cert IV in financial services. 
    The applied Finance degree should ensure complex financial structures would be understood, and I am wondering if the knowledge that myself and prospective business partner have these extra qualifications would be a good selling point when you are looking for a broker?

    I am looking to not just be a run of the mill broker, but one who looks at dealing with these complex investment structures and is able to facilitate individual requirements. 

    I just worry about the saturation in the broking market, as there are apparently something like 13,000 brokers out there!

    Any advice you can give me about getting started would be greatly appreciated!

    Thanks,
    Nick

    Profile photo of JCLJCL
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    @jcl
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    Having been stung repeatedly by a broker in the past I totally agree with the new accreditation requirements. I have just gone through the hoops to become an accredited mortgage consultant so that I can assist my clients in property. Yes there are a few things to do to get accredited but nothing like a uni degree. It is a good protection to the consumer. Getting a mentor is not difficult and it is a great way to learn strategies to assist your clients and build a solid business.

    Profile photo of Penfold_2Penfold_2
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    @penfold_2
    Join Date: 2004
    Post Count: 8

    MB is like most industries.Through  your property investing I am sure we all use a lot of  different people from different industries.
    I am not sticking up for Mortgage brokers at all. Some are very novice at what they do!! What experiences have people had out there with Bank managers .??  Most people have a different view on structuring loans,investment strategies etc. We as investors just need to work out the good from the bad and most of all WHAT WORKS FOR US!
    Just my 50cents worth.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Nick

    Wouldnt worry about the saturation of Brokers.

    If we follow the UK who has lost over 35% of its Brokers since the GFC we should all be ok.

    I dont think the new Credit Legislation goes anyway near far enough to whittle out the rubbish.

    I have over 25 years experience in the industry and see people ever day of the week advising clients with 3 hours worth of training sessions. Mind you i guess Real Estate is another industry where you can get involved having read a couple of books and watched the odd dvd.

    Richard Taylor | Australia's leading private lender

    Profile photo of kong71286kong71286
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    @kong71286
    Join Date: 2009
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    Hi mackaz83,

    If you want to become a mortgage broker, I recommend you take a look at 'Refund Home Loans'

    From what I've heard they provide all the training and support you need to become a competent mortgage broker, but most importantly they have a proven system that works, and have a good reputation

    Kong

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Kong

    Does that good reputation include the repeated action ASIC have taken against their founder for misrepresentation Wayne Ormond.

    Might like to read the inside page of this months Mortgage Broker for all the comments.

    Richard Taylor | Australia's leading private lender

    Profile photo of kong71286kong71286
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    @kong71286
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    Hi Richard,

    No, a good reputation does not mean repeated actions by ASIC – knowing this fact your alarm bell would probably go up, and you would want to do further investigations on why ASIC took those actions on Wayne Ormond, and then you would have to weigh the risks/benefits of doing business with Refund Home Loans. And you are right, you cannot base your decision on what other people say (i.e. just a few very happy franchisees and customers), but you need to do your due diligence

    I'm glad you pointed this out, and its good to know that we have Finance Brokers like you who are up to date with the news in their industry, and who educate the public on finance matters – Keep up the great work Richard!

    Regards,

    Kong

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Kong

    As well as doing due diligence on the organisation I would also be doing mine on the past activities and history of the principal !!!!

    Makes interest reading depending on how long you have known him.

    Richard Taylor | Australia's leading private lender

    Profile photo of hschmidhschmid
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    @hschmid
    Join Date: 2007
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    Refund Homeloans charge nearly $70,000 to buy a franchise.

    They have > 400… amazing to me!

    Profile photo of perkperk
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    @perk
    Join Date: 2010
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    hi guys/girls
    i have done cert IV and now i am looking for the mentoring process can anyone please specifically define what should i do next as i am deseperate to start  how can i find a good mentor because i reall want to learn the quality and good business

    thanx

    Profile photo of dansempiredansempire
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    @dansempire
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    I guess it would be just a matter of door knocking at businesses and asking if they or anyone at the place would be suitable to mentor you. I asume if you are employed somewhere as a trainee type person that they will have an experienced person at the company who would have to Mentor you if they are advertising that position.
    Maybe someone else could tell us how they went about finding a mentor??
    I currently just completed my cert iv, licence etc and was lucky my mentor showed interest in me prior to me going through the steps and I just happend to meet him in my old job.

    How many Brokers out there have mentored someone before or are doing it now and how much work is invloved by doing it?

    Profile photo of hschmidhschmid
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    @hschmid
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    We are recruiting and running a series of webinars to explain our mentoring, coaching and industry induction.

    www,brokersite.com.au/webinar_registration.htm

    Profile photo of hschmidhschmid
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    @hschmid
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    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Dear Mr Ormond By two posts made on 14 April 2010 (Posts) I made certain statements to a number of people directed at Wayne Ormond The Posts contained serious allegations which I regret having made. I am pleased to take this opportunity to withdraw them. Contrary to the impression which the Posts may have given, neither Wayne nor Refund Home Loans Pty Ltd has engaged in any unsatisfactory conduct. I deeply regret that the Posts may have given any misleading impression about Wayne Ormond. I understand that Wayne has acted in an honest and reputable manner, both professionally and personally. I deeply regret my suggestion that Wayne has acted dishonestly or that he has made misrepresentations that would affect the viability of establishing a Refund Home Loans franchise. I apologise that my suggestion has damaged his reputation and goodwill and has an adverse effect on his business operations. I also apologise for the personal distress and anxiety which misstatements, errors and omissions in my Posts has caused Wayne Ormond, his family and employees. The defamatory imputations conveyed by my statements are withdrawn without reservation and I sincerely apologise for the damage and distress that my statements and similar publications may have caused. 

    Yours faithfully   

    Richard John Taylor – Director
    Taylored Financial Solutions Pty Ltd

    Richard Taylor | Australia's leading private lender

    Profile photo of oneworldoneworld
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    @oneworld
    Join Date: 2010
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    I am sleepy, so Richard was the apology fair dinkum or was it a joke ? Been to a Refund franchise introduction, not very comfortable with it, especially the $69K franchise fee. Any ex, present Refund franchisees, or anyone else, opinion/experience, good, bad, warts and all  ?

    Profile photo of TerrywTerryw
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    @terryw
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    $69,000?? wow. And then you give away part of your commission???? wow wow!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 20 posts - 41 through 60 (of 126 total)

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