Login
ISCOVER
Francis Wilkins
Mentoring programs for new brokers would also benefit more experienced brokers and BDMs, according to some industry figures.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
“I am hearing across the board, from new brokers, from more experienced ones – and as well as from lender BDMs – that there is a need to mentor new brokers,” said Michael Calam, managing director of Vision Mortgage Solutions and the group’s training arm, Broker Mentor.
“New brokers get their Certificate IV and get accredited, but then they approach the BDMs with wacky and weird scenarios but with very little knowledge of how to shape a deal.
“If BDMs have to spend more time training the green brokers then they have less opportunity to spend time with the more experienced ones.”
This can be detrimental when BDMs need to address a borderline deal, he said.
Recruiting new brokers for the industry is a huge challenge because of the high level of skill that the job demands, Oxygen Finance’s general manger, James Green told The Adviser.
Because the broker skill set is something acquired over time, new brokers should be mentored, he said.
“Not only have we got everyone competing for new graduates, but the skill set required to be a mortgage broker is really quite high.”
Mr Green’s comments come at a time when the industry and MFAA are engaged in a debate around whether a university degree should, in future, be a requirement to operate as a broker.
