While there are qualifications and licenses to pursue when becoming a mortgage broker, there is no way to learn the ropes like learning from experience. But until you build your own experience, you can lean on the experience of those who have already witnessed many of the ins and outs of the mortgage broking business.
For this reason, aspiring mortgage brokers should find a mentor that can help introduce them to the intricacies of the mortgage broking industry. From financial decisions to basic motivation on a daily basis, finding a mentor you identify with can make a big difference in how your career gets off the ground. But even beyond it being a good idea, it is a requirement.
Mandatory and worth it
The Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) have deemed it a requirement that all new mortgage brokers have a mentor for the first two years of their career.
Because of this requirement, they have also made it easy for a new mortgage broker to find a mentor. In fact, the MFAA even offers a program that is structured and can be entered by paying a flat fee. The program was developed with the Institute of Strategic Management as a cost-effective approach to easily identifying and working with a mentor.
While the FBAA does not have a program of its own, it has standards for mentees to create an ongoing development log regarding the time spent with the mentor. Additionally, both the MFAA and the FBAA provide a list of accredited members that are available to contact.
Likewise, at Red Rock, we provide personalised on-boarding consultations and help you come aboard if this is the industry you are looking to pursue. Our approach includes providing a support and mentoring program in which you’ll be provided with mentoring and guidance from experienced mortgage professionals.
Get the information you need to move forward
Request your free information pack today and get all the details you need to make informed decisions about starting your mortgage finance career. The pack includes:
- Information guide
- Lender commission schedule
- Joining information video