A winning formula

A passion for football in his younger years gave Mortgage Solutions Australia director Colin Lamb the winning spirit to tackle the challenges of an industry in which he has succeeded for the past 10 years.

“I played West Australian Football League (WAFL) football back in 1987 when I was 18 years old, including about 13 league games,” Mr Lamb says. “Through knee and other injuries I was not able to carry that on, but I was able to make a lot of contacts through the sport which opened up doors for me. I felt like I was able to make a head start.”

The clients he secured through football served Mr Lamb well in his career as a business writer at NAB.

He built on his network of existing contacts in the sporting world, and football players were his top clients in the early years. Using as a foundation the people he already knew meant he could build on an accessible, trusted referral database.

“From years ago, I did have a big client base from my sporting background and a lot of my initial clients were footballers. I managed quite a few of the Eagles players when I got started.

“When I transferred to broking and started doing my own stuff I kept a lot of these contacts. People would actually ask for me personally and not the bank. I was working on a referral network,” he says.

A GOOD REFEREE

In January 2001, after 10 years at NAB, Mr Lamb started Mortgage Solutions Australia – a natural progression, he says, from dealing with leads on an ongoing basis.

“I figured, ‘why should I do it for the bank when I can do it myself?’” he says. “The changeover from the bank to being a broker opened my eyes; not just the freedom, but also being able to provide savings and products for clients.

“Financially, it’s been sensational.”

Today, Mr Lamb is one of Australia’s most successful loan writers. In 2008, he settled loans totalling $145 million, his best year to date.

Twelve months later, he made a deal for $4.5 million, his biggest loan to date in a career that has spanned a decade and serviced more than 3,000 clients.

Last year, Mr Lamb featured in The Adviser’s Elite Business Writers 2010 after writing loans for a cumulative total of $106 million.

“As a sportsperson I had white line fever – I was extremely competitive. I detest losing and have done since I was a kid,” he says. “It does stand out as to why I want the sales figures and the loans.”

Mr Lamb still maintains that keeping in contact with his referral sources is one of the most important parts of his business. Most weekends are not complete without a few open house visits to touch base with clients and real estate agents.

“If new brokers entering the game don’t have referral sources they’re just kidding themselves,” he says.

KEEP FIGHTING

Mr Lamb’s competitive spirit carries through into his everyday dealings with his clients, and he says he will fight for his clients if he thinks he can and should win.

“I do strive to satisfy my clients’ needs and wants,” he says. “I go into bat [for my clients] a lot harder than any other broker around.”

One client commissioned Mr Lamb’s services after being turned down for a mortgage, following a $147 loan default with one of the big four banks. Having just arrived back in Australia after three years overseas, the client approached Mr Lamb with her five per cent deposit and her mother as the guarantor.

“I put it up to the bank’s challenge committee but it was knocked back again,” Mr Lamb recalls.

“I then called up the head of third party banking and took it right to the top. The decision was eventually overridden; I knew the process and the system was wrong so I kept on fighting.”

Mr Lamb believes his success in that instance came from his understanding of “the five Cs of credit and olden day approval processes”, which he says many young brokers don’t understand or know about.

“If you believe in a deal and you have the right knowledge and the contacts within the banks you must push it,” he says. “I knew it was right to go ahead and get it done.”

LOOKING TO THE FUTURE

Being persistent, with his clients’ needs in mind, has seen Mr Lamb rise to the ranks of Australia’s leading business writers. Never one to remain static, he sees a future for Mortgage Solutions Australia that is even more active than at present.

So, how will the company compete now that NCCP regulation is in force?

Mr Lamb is optimistic: “The NCCP actually allows us to compete on a level playing field,” he says. “We’ve found it’s a much cleaner way of doing business. The new legislation has given clients more options and that means they end up with a better product because a broker has to offer them at least three choices.

“I don’t think we’ll get back to the heady days of writing low-docs, which is a good thing. There’s plenty of business out there and brokers with good business sense will be in good stead for getting that good business.”

Mr Lamb wants this year to be another big one in terms of sales, and he aims to write $10 million in loans each month. Surrounding himself with a couple of cadets is also in the game plan.

“The mortgage broking industry needs a bit of new blood pumped into it,” he says. “It has been a bit ‘same old same old’ for the last five or six years.”