Strategies to make 2019 your best ever

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Credit policy and criteria are tightening.  As mortgage brokers how can you leverage this for best results?

Lending criteria continues to change and tighten.  But the proportion of loans sourced through the broker channel continues to grow.

According to the latest MFAA IIS report, 55.3 percent of all home loans have been sourced through a mortgage broker.

Based on the findings of this report, the main trends in the industry are:

  • Increased compliance requirements for mortgage brokers
  • Tightening criteria in lender’s credit policies
  • Growing demand for mortgage broking services

With the increasing complexity and tightening credit conditions, this has increased the demand for mortgage brokers, as consumers seek help to navigate through the confusion to achieve their financing needs.

 

The low rate home loan is no longer the main driver for consumers to source a home loan using a broker.  Knowing which lender to approach is the key to realising consumer’s lending needs and how to achieve their financial goals.

As a mortgage broker, it is imperative to be at the top of your game.  This is now a game where the main driver is knowing which lender your borrower qualifies for.

Knowledge of lender policy and product criteria will be the differentiating factor for most mortgage brokers.  Those brokers who can articulate and filter the criteria to find a solution for their clients will be the successful ones.

 

So how do you keep up to date? Here are seven (plus one) sources of information that you may consider.

1. Product information via your aggregator software.

We use Mercury and having that information on our fingertips is key to being able to find a solution quickly.

 

2. Lender portals.

All lender have their product and credit policy published in their lender portals. Make sure you are familiar with their policy manuals. Your livelihood may depend on it.

 

3. Keep up-to-date with Lender News. 

As members of Connective we keep a close eye on all lender updates.  You can read this here.

 

4. Brokerpedia.

We use Brokerpedia as a resource to help narrow our search for qualifying policies and credit criteria.

 

5. Finance and Coffee.

As members of a facebook group called Finance and Coffee, we sometimes help each other with scenarios and questions.  This is a great resource.

 

6. Lender Business Developement Managers.

Speak to your lender BDMs. Learn from them about what works and what will succeed. Build a relationshsip with them. The success of your business could depend on the relationship that you have with your lender BDM.

 

7. Network with other mortgage brokers.

Get to know other brokers. Most of us will be willing to share and help each other. If you are part of a group you will know how invaluable that network is to help you find solutions quickly.

 

8. Ask your mentor.

If you have a mentor, ask them for help.  More precisely ask them to teach you how to source the information.  It is not always about having the knowledge, but how to source that knowledge.  Sort of like learning how to fish yourself – instead of asking for fish.

 

 

If you want to find out more about how become a successful mortgage broker, contact us.  Check out our Facebook page for more updates, tips and news.