New aggregator program will turn financial services firms into brokers

Mr Foley told The Adviser that National Mortgage Brokers was on track to grow by 25 per cent in 2013/2014 and has started the calendar year by launching the New to Industry Broker Support program.

The program will allow financial services businesses without a mortgage offering to have staff trained in the discipline.

Mr Foley said the program differed from an Aussie Home Loans induction because the businesses would receive training and support but would retain their branding and would have to develop their own leads.

“We felt there was a gap between new-to-mortgage-industry as opposed to new-to-finance-industry,” he said.

Two finance professionals have already started the course, which consists of 12 three-hour sessions.

Graduates will initially be vetted by National Mortgage Brokers. They will be allowed to meet clients and conduct the first part of the loan process, but will then have to submit their work to the aggregator before they can finalise loans.

Mr Foley said the approach would allow new brokers to gain experience, but with the interests of clients and lenders still protected.

“It’s not a matter of us going to a client meeting and sitting with a broker. It’s about making sure that before the customer signs an application that all the necessary processes have been followed,” he told The Adviser.

“The training wheels will stay on until we’re comfortable that you’ve submitted enough loans to enough lenders at a required standard.”

Meanwhile, National Mortgage Brokers has appointed Kim de Bonde as BDM for Victoria, South Australia and Tasmania, and has hired Alison Keating as its first BDM for Western Australia.

“They will be great assets to our existing brokers and assist us to grow our overall broker and loan writer numbers,” said Mr Foley.