The day in the life of a mortgage Broker

Promoted by Yellow Brick Road2 minute read

Apart from the apparent objective of helping borrowers access the right loan product, mortgage brokers play a crucial role in helping everyday Australians fulfil their property aspirations and generate wealth. Here’s a peek at the key focus areas of a Mortgage Broker’s workday.

#1 Understanding borrower needs and Circumstances

Each borrower is unique. There may be someone with a spotless credit record looking for the most competitive rate. Another self-employed applicant may be looking to secure a more significant loan amount based on the latest spike in business revenue. As a mortgage broker, you would need to glean what each applicant needs. After thoroughly analysing your client’s financial position, you would have to help clients flesh out their objective with a mortgage. Are they looking for a feature-rich home loan? Or do they need a reliable borrower with a straightforward application process with a reasonable turnaround time?

#2 Market Research and borrower guidance

Once a mortgage broker establishes the true objective of the prospective borrower, the next step involves scoping the market for the right lender and mortgage product. The Australian mortgage landscape is quite diverse, with over five thousand home loan products. Scoping the market can get a lot easier if you have access to a lender panel through a franchise model or aggregator hub. Additionally, a franchise model will also offer you software that will allow you to compare and identify the best options for your client according to their financial position and objectives. After zeroing in on the top three mortgage options for your client, you will now need to explain the rationale behind these recommendations and help your client make an informed choice. 

#3 Lender Management and Communication

After your client takes a decision, you would need to begin the application process. This stage involves filing the correct client documentation and managing communications with the lender. Once again, this is a lot easier with a good franchise or aggregator that generally offers brokers a sound CRM system (Customer Relationship Management System). Such software allows you to record all essential client details and sends out automatic notifications at every application process step. A good CRM will also integrate with all compliance processes. For more information on an ideal CRM, click HERE.

#4 Networking

Another focus is building contacts that will serve as good client referral sources. In addition to existing clients, you would also need to maintain stable relationships with bankers, accountants, financial planners, Lender BDMs, among others. Maintaining a solid connection with your local community is crucial. Consider sponsoring and participating in local events. To know more about building Client-referral-sources, click HERE. 

In addition to the areas mentioned above, you would also need to dedicate time to upskilling and office maintenance and administration. If you are venturing into your own mortgage business for the first time, your entrepreneurship journey could be a lot easier with the right franchise or aggregator. Learn more at

The day in the life of a mortgage Broker
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