Mortgage Broker Mentoring: Reasons Why It is Important
Anyone who is a new entrant in the mortgage and broking industry, or anyone with less than a couple of years of relevant experience in mortgage, finance and lending industry needs to have a mentor and undergo mortgage broker mentoring.
Around the globe, lending industry bodies require that any new entrant in broking and mortgage with less than 2 years of proven experience in the same lending industry should be nominated for membership by another established member who promises to be a mentor of the applicant member. The entrant needs to be mentored until he/she has had at least 2 years of experience in the field of choice in broking or finance.
How to get a mentor
SomeMortgage broker mentoring benefits
- A complete training about the industry
- A continuous training and professional development
- An assistance to acquire an accreditation to the panel of lenders
- Understanding of validating loan application before it is submitted to the lender
- An access to phones and emails of experienced lending executives and managers
- An access to training tools, systems and other benefits at no additional cost
Broking is a lucrative career, but you cannot let yourself be a victim to the world of fancy, therefore you need to be trained by the best. And to be trained by the best in the industry, you need to enroll yourself in a mortgage broker mentoring course. Broker mentoring is a must if you want your name in the lending industry.
Considering the benefits and the need for broker monitoring we have here listed some reasons why mortgage broker mentoring is important for anyone undergoing mortgage broker training or is a full-fledged broker with little experience.
Being an unskilled broker, with least professional experience, you need someone who can provide you a wealth of knowledge to become a professional someday – and that someone is a mentor. A mentor is someone who has abundance of experience in the lending industry both as an entry level executive and high level manager. He/she can thus guide you with ins and outs of the lending game. This knowledge that you gain will help you strike great deals in the time to come. So, mortgage broker mentoring
trains you to strike best deals without much hassle.
Contacting the biggies
In addition to the knowledge and understanding of the industry, a mentor can give you some really beneficial contacts. Experienced mentor will have a lots of very high profile contacts. IF you show prospect and your mentor believes that you are a broker with potential, he/she is very likely to share their contact base with you. This will increase your chances to grow as a broker.
A point of reference and fall back option
As a newbie in the lending industry, you are still learning the secrets of the trade. So you need someone to fall back on in case you get stuck somewhere. Mortgage broking is all about paper work, if you get the papers right your chances of getting the loan passed increase manifold. But there are clients who would not even know how to arrange the most basic pages, and because you are also only learning, your mentor can be the point of reference for you.
Mortgage broker mentoring is an entering field of mortgage broking, mentoring in no way guarantees instant success. The rate success depends from one individual to another, and on a person’s ability to learn and implement.
John is a specialist Redrockbroker consultant and Mortgage broker cource provider of Australia. Andrew’s knowledge and experience in mortgage finance has personally assisted his clients around Australia to achieve their business, financial and investment goals.