Get notifications in real-time for staying up to date with content that matters to you.
Source: facebook.com/pg/NationalMortgageBrokers/photos/?ref=page_internal
A mortgage aggregator has announced the launch of a new revenue-sharing model for its broker network.
National Mortgage Brokers (nMB) has announced the implementation of its new “nMB Launch” partnership plan – an alternative remuneration arrangement tailored for new entrants in the broking industry.
As part of the new scheme, brokers will be permitted to keep 100 per cent of their upfront and trailing commissions and pay a fixed onboarding fee of $1,000, a fixed upfront fee of $160, and a fixed trail fee of $5.
nMB’s newly appointed head of sales, Terry Walker, commented: “This new plan provides brokers with more control over their profitability during a key phase of their growth, all the while still benefiting from nMB’s high-support approach.”
Speaking to The Adviser, Gerald Foley, managing director of nMB, added that he expects brokers that opt for the Launch model to transition to the aggregator’s traditional revenue-sharing model, which it has rebranded to “nMB Build”.
“If [a broker’s] volumes are either intermittent or low for a sustained period, it makes sense to provide a flexible option.
“We think most brokers will quickly move from the Launch to Build model, but they may want to enter into the Launch model in the early days of their broking careers, where the economics would work better.
Mr Foley said that despite continued uncertainty over remuneration in the broking industry, nMB believed it was the right time to introduce the new model.
“The recent market uncertainty has caused many to adopt a wait and see approach, but we think there is no better time than now for the broking industry,” he said.
PROMOTED CONTENT
“nMB has always been committed to supporting our brokers to build better broker businesses. The changes we are now announcing mean even more support and resources for our growing network.”
[Related: New lender joins Connective panel]
Charbel Kadib is the news editor on The Adviser and Mortgage Business.
Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.
Email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.
Sydney’s mayor has urged the federal government to resurrect Jo...
An executive from buy now, pay later provider Zip has echoed repo...
South-East Queensland can expect a spike in residential and comme...
Join Australia's most informed brokers
Do you know which lenders are providing brokers and their customers with the best service?
Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
What's the longest time you've been left on hold before getting through to a credit assessor?
