How to become mortgage
Process Of Becoming A Mortgage Broker In Australia
Posted by admin Jun 18, 2013 at 12:05 PM
A mortgage broker acts as an intermediary between the borrower with a property to mortgage and the prospective lender whether it is a bank or any other financial institution. The process of becoming a mortgage broker in Australia like other developed nations involves certain statutory steps requiring education, industry specific training and field exposure.
Mortgage broking is a challenging job which requires a lot of patience and hard work and at the same time the compensation obtained is handsome. The profession of a mortgage broker is a promising career option in developed countries like Australia. According to an estimate, about 35% of the mortgaged loans are sanctioned with the help of a mortgage brokers. In Australia certain trainings and specific certificates are to be obtained by the mortgage broker to settle in that profession. After getting the right training the mortgage broker can work as an independent consultant or may work for a specific bank or financial institutions.
Here the process of becoming a mortgage broker in Australia is explained in few relevant steps:
Steps 1 - The first step to becoming a mortgage broker is to obtain certificate IV in financial services. This certificate will enable you to become a member of MFAA and FBAA.
Step 2 - There are institutions that will start teaching you about the details you required to know in order to become a mortgage broker. They also make sure that the
students get accredited to the qualified people so they can start their career with good contacts. They will also teach them how to deal with both ends of the job that is how to satisfy both the borrower and the lending institutions. A borrower would expect him to do all the requisite documentation and ease the process of getting the loan. A lender would expect the mortgage broker to bring business for him. It must be remembered that without the certificate from the lenders, a mortgage broker would not be able work with any financial product.
Step 3 - After receiving certificate IV and AML/CTF certificates, police verification is done. This is mandatory and it doesn’t take much time.
Step 4 - After the police verification, you can apply for Credit representative number and can apply for a membership in COSL and FBAA.
Step 5- The institution will provide you accreditation from a number of licensed lenders symmetry CRM and induction training. Once you get lender accreditation, you would become eligible to work for loan.
It may be noted that without the right training from any institution, it would be a mistake to try to become a mortgage broker. Become A Mortgage Broker Pty. Ltd . is specialised training centre that would give you the right mortgage broker training and help you to start working with the loans either independently or with any finance institution.
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