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Here are some characteristics that we believe are the foundations of a high performing broker:
Mortgage brokers get paid an upfront commission following the settlement of a loan (usually paid one month after settlement). They also receive a trail commission for as long as the loan is in place.
Key to administration of commission payments are companies called aggregators.
Aggregators are effectively the middleperson between the bank and the broker. They usually provide software, access to lenders, and commission processing functions. Sub aggregators, or mortgage brokerages, often provide additional support including marketing services, support staff, business building advice. Depending on which aggregator/sub aggregator you partner with will determine what split of the commissions you receive. The more support you need, the bigger split the broker will share with the aggregator.
Keep in mind that some applications take months to go from enquiry through to settlement, so the timeline of receiving payment needs to be managed carefully and its wise to have funds set aside (or continue working) whilst you wait for your first few commissions to be paid.
There are a couple of ways to enter the industry and become a mortgage broker:
Acceptance Finance specialises in turning non brokers with no finance background into high performing brokers, given the structure and support we provide. We have a number of FBAA approved mentor’s to assist new to industry brokers, and the cost of mentoring is covered by our commission split arrangements.
Several of our highest performing brokers started with no finance background.
Connect with one of our
Leadership Team now.
If you are keen to start a career in mortgage broking, let’s talk. We can run you through the entry requirements (Compliance / Education / Mentorship) and create a plan to get you underway.
So the question to ask yourself is should you quit your job and commit 100% of your time to become a mortgage broker?
Maybe, but for most people it’s wise to keep your current job whilst you complete the entry requirements, complete your training and start building a pipeline of enquiries.
This is why we believe that mortgage broking could be the ultimate side hustle for some people, as it allows you to ramp up the hours you commit to grow your business as your pipeline increases. Plus, although the financial benefits of mortgage broking are ultimately very attractive, the delayed timing of the payments means that by keeping your current source of income you don’t place yourself in financial stress whilst waiting for your first lot of commission payments to be received (which could be 3-6 months from your commencement date).
Working two jobs will bring its challenges, with the need to speak to clients, banks and your support team during business hours. But if your communication is clear and time management skills on point, with our assistance you should be able to manage this transition period.
Connect with one of our
Leadership Team now.