Welcome to brokermentor.com.au
Broker Mentor was created by the Directors of Vision Mortgage Solutions to build an online resource to help our team to build and run their businesses. Our business is about providing support, including back office administration, lead generation, credit representation and finally mentoring and coaching brokers to help them to achieve their career and financial goals. We recognised some time ago that while there are many resources available to teach brokers the technical aspects of submitting loans, the missing element in the industry is the guidance of professional coaching to help people to start and to grow their business. Now that the MFAA requires new brokers to enlist in a mentoring program for their first two years in the industry, this service has become even more important to our members.
We have been mentoring brokers since 2003 and over this time we have worked with many brokers to help them to build successful businesses.
Over the years we have helped many brokers to build successful businesses, and Broker Mentor was created to help us with mentoring both new and existing members of our team. Whether you are a full member or an associate members still studying your Cert IV, this website is designed to help you to connect with other brokers and to provide the information you need to help you to grow your business.
To register, click on the Login button and follow the instructions to register.
Once you have logged in as a registered user, the Facebook forum link will appear in the main menu. You will also then gain access to our document library.
We encourage you to post messages in the appropriate areas of the forum as the site is about gathering the experience and thoughts of the entire network, but please be aware that the Forum is moderated and offensive of counter-productive posts will be removed.
To find out more about us or our mentoring programs, please call 1300 797 144 or email info@visionms.com.au
In the meantime, we hope you enjoy our site.
Regards
Michael Calam
Managing Director
Vision Mortgage Solutions
|
Written by Michael Calam
|
|
Thursday, 12 November 2009 07:20 |
|
Sometimes our clients can be their own worst enemies.
This can be either intentional or through ignorance.
Some clients will omit to tell you certain facts because they are concerned that their loan may not be approved, or even out of embarrassment (for example defaults etc.)
Others will genuinely not realise that they are not giving you the full story.
An example I had recently was a client who I submitted as a PAYG client, she had the payslips and the PAYG summary. The client had advised me that she was an employee of the company and had been so for a number of years. Serviceability was great as was every other aspect of the application.
Of course, what was not mentioned was that the company was owned by a relative who had also added my client as a Director of the company.
As far as the client was concerned, she was an employee. From a credit perspective, she's really a self-employed applicant. Unfortunately this type of situation wastes time and means for reworks, that is if the lender doesn't drop the deal altogether.
So, as a broker it is important to dig and dig deeper. This was a great client with an impeccable financial history and so I didn't see the need to run a credit check on her prior to application. That simple step would have saved me having to rework the entire file.
While in the process of building a rappoire with your clients, focus on convincing them that they need to let you know it all, warts and all. By knowing the full situation, you can structure the application accordingly or in some cases advise the client that you simply can't assist them. Don't be afraid to walk away from a scenario if you don't think you can't assist - your time is valuable too. |
|
|
Written by Michael Calam
|
|
Monday, 02 November 2009 09:04 |
|
The first Monday of the month of November.
Those of you who've been with us for a while will remember my monthly routine - but for the newcomers I'll revisit it.
The first week of the month is where I make sure that I'm going to hit my target for the month. Now for this month, I've set my goal at writing $2.4m in home loans.
If I work backwards and analyse the average loan size in my area ($300k), then that means I'll need to write 8 loans for this month. Now the number I'm aiming at is in approved loans so if I work on an 80% conversion rate from application to approval then I'm looking to submitt 10 applications for the month. Given that client interviews don't always result in immediate applications, in fact I find about 2/3 of my interviews turn into applications - that means that I'll need to have 15 interview to get 10 applications. The reasons why some interviews don't turn into applications are many and varied - for example some clients just aren't ready - some don't have capacity - again - many reasons.
The result is that I need to ensure that I have 15 interviews for the month before I can be assured of getting my $2.4m target.
So, as I flick through my diary I already have 7 interviews over the coming weeks. That means that I'll need to organise another 8 interviews.
For me, that needs to be achieved by the end of this week. Why - well that's how I ensure I'm always on target. If I make sure that I have my appointments for the month organised by the end of the first week of the month then I know that i'm on track. I can then spend the rest of my month focused upon writing the business. Some appointments will cancel and other new ones will be made throughout the month, but, I'll know that I'm on track.
So how will I get my other 8 interviews? First I'll go through my prospect list and review any of those clients who over the past few months had been fence-sitting. I'll give them a call and see where they are at. Then I'll send out an email, physical mailout or text message to all of my database - with an update on how the market is progressing as well as any particular specials that might be around this month. Then, if there is still a gap by Wednesday afternoon, I'll start buying leads and calling them up.
The title of this article is Critical Mass - and those who've known me for a while will remember that this is one of my key points. As you build your network and your database, you will eventually reach Critical Mass - where your extended network of clients and referrers automatically send you enough business every month that your reliance upon marketing diminishes dramatically. Never stop the marketing - but once you reach that point you arent' relying on it any more - and that is a very comforting feeling.
On another note, we've had our first few brokers use our new VedaCheck facility to check a clients credit history before submitting the clients application to any lenders. This has been a great success. Two applicants who thought that they had adverse credit histories have proved clean and were able to go directly to mainstream lenders. Another one who thought that they were clean had a significant default listed which would have derailed their application immediately.
Don't hesitate to use this service - you can save both you and your client a lot of time if you do your research properly. |
|
Written by Michael Calam
|
|
Wednesday, 28 October 2009 11:02 |
|
Sometimes there's a drought, and at other times it comes bucketing down.
At the moment I've put on my wellingtons as we've been inundated with Commercial loan applications.
Mind you, I'm not complaining - it's not a bad situation to be in.
As a result I'm currently seeking brokers with experience in Commercial and Property Development to work with us on some of these loans. If you are interested, please send me a brief email to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
outlining your experience, your location and what type of scenarios you are comfortable working with.
Additionally, for the brokers in our network who are focused upon home loans, we are having a lot of success with our new Guaranteed Lead Packages. Login and have a look at the process as this is a great way to kick start your business. |
|
|
Cashout and your Web Presence |
|
Written by Michael Calam
|
|
Thursday, 29 October 2009 08:28 |
|
Cashout is one of the bugbears within the lending market at the moment, no longer will most lenders accept "Cashout for future investment purposes" as a valid argument for extending a client a large lump sum of available cash - particularly for self-employed applicants.
Even the old Line of Credit facility is being scrutinised heavily, but then consider the line of credit from a lenders perspective. Firstly - the LOC is effectively a great big credit card - so if your client struggles with impulse control - there's a good chance that a LOC will allow them to spend up and possibly get themselves into a difficult financial situation. For that reason I only recommend a LOC to clients who demonstrate a very disciplined approach to both saving and debt. Using a LOC to consolidate credit cards or personal debts is a risky strategy. The second aspect that a lender needs to consider for a LOC is their actual Capital. When a lender issues a LOC they need to effectively set aside the funds to meet the LOC limit so that the client can draw those funds down at any point. Now, if a client doesn't utilise all of those funds, then the lender has set aside Capital which is not being used, therefore they are not earning interest on it. One Regional Bank recently underwent a review of it's LOC facilities and realised that it had over $4B of Capital that was not being used out of a total of $11B in LOC limits. So when a bank isn't earning interest on $4B worth of funds it probably get's a bit nervous. So, there are a couple of reasons why lenders are now so cautious with their LOCs.
Back to the cashout. There are a few lenders who will still allow cashout in significant amounts for your clients. If cashout is a major factor in your clients proposal, make sure that you clearly understand the lenders policy on cashout before you submit the deal. One mistake that we've all made is to rely on a BDM advising you to submit the deal after you explain the scenario to them. BDMs are great and serve an important purpose in the lending process, BUT, wherever possible, ask to see the lending policy for cashout. Most lenders have credit manuals or similar docs for brokers - so download a copy of that lenders policy and learn how to interpret it. This can save both you and your client some time.
Your Internet Presence. Do you have one? How effective is it? I'll be holding an online workshop through our chatroom in www.brokermentor.com.au tomorrow (Friday 30th October) at 10am for 1 hour. Login to the chatroom to join the workshop. During the workshop I'll explain some of the methods you can use to grow your online presence. This workshop is available for both those who are taking part in our mentoring program and any other brokers who would like to participate. |
|
Written by Michael Calam
|
|
Thursday, 22 October 2009 08:38 |
|
I'm constantly asked the question by brokers "How do I generate more leads?"
While there are many tactics I could suggest, the specifics come down to a combination of your personality, your geographical location, the local socio-economics and the local competition.
But, regardless of each of those factors, the common element to successful brokers is quite simple - it's putting yourself out there.
To generate more leads you need to:
1. Be active and visible within your community.
2. Never hesitate to identify yourself and what you do for a living.
3. To network regularly with other brokers and industry professionals.
4. To constantly explore new opportunities to improve your network.
Whether this is a matter of joining your local Chamber of Commerce, attending Business Networking events or even organising lunches for local business people with guest speakers on property or lending - it is all about visibility and ensuring that you are constantly moving.
Putting an ad in the paper and waiting for the phone to ring is not putting yourself out there. It is spending money on advertising and is only one very small part of marketing yourself. |
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
|
Page 6 of 15 |
