Former technician quits mining job to become a full-time broker
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
In this edition of Broker in Focus, we’ll get to know My Mortgage Partner’s Anthony Bloom (pictured above), whose journey into mortgage broking began a decade ago under the mentorship of a seasoned industry professional.
How and when did you become a mortgage broker?
My wife and I used a broker in 2013 to build our first home and had a really good experience which piqued my interest in the profession. At the time, I was working in mining but always had a keen interest in property and numbers.
A chance meeting with a well-respected broker to gain some insights around the best way to enter the industry led to an opportunity to be mentored and work in the broker’s back office. I was fortunate that my mining job roster was four days on four days off, so I was able to continue working in my existing role, as well [as] for my mentor learning the ropes on my four days off.
I worked both jobs for just under 18 months before quitting my mining job and becoming a full-time broker in July 2016. I’m extremely grateful that my wife arranged the meeting with my mentor and very lucky that my mentor was willing to take me on, being new to the industry.
In your opinion, what has been the most positive development in broking?
The most positive development during my time in the industry has been the uplift in professionalism. Although it was an adjustment initially for brokers, I believe the Royal Commission and introduction of Best Interest Duty has assisted in changing the public’s perception of our industry from a sales role to a trusted adviser. This is reflected in broker market share being at all-time highs. Although there is room for improvement in the education standards for new entrants, the industry has come a long way over the last 10 years.
The other big positive I’ve experienced is the introduction of digital mortgages and loan contracts. This has significantly streamlined the loan process post approval and has resulted in far better settlement outcomes for clients, particularly as a regional broker who previously had to post documents to capital cities for verification.
What challenges do you see currently facing the industry, and what solutions would you propose?
The industry is as strong as I have seen it over the last 10 years. However, there is still room for improvement, particularly around retention and the discharge process. It is a frustrating experience for clients who are told that the originating broker is unable to assist or are made to contact a branch to obtain a discharge form.
Even more frustration is created for clients and brokers alike when a lender is given the opportunity to retain a client but chooses to only put forward their best offer once a PEXA invite has been received by the incoming lender.
Hopefully, the implementation of standardised discharge forms makes the process a bit easier for clients. However, I feel the industry has the opportunity to go one step further. A code of conduct around retention such as a “first and final offer” would really go a long way to improving consumer outcomes.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Every application has its challenges and lessons. However, helping people achieve the security of home ownership or turning around their financial future has taught me to not judge a book by its cover. Taking the time to really understand a client’s story, where they want to go and having a good understanding of lender policies has allowed me to make a genuine difference in numerous clients’ lives. Often, the applications that are initially the toughest end up being the most rewarding.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
I have four tips that I would give to every new broker.
First is to align yourself with an experienced broker. It will shortcut the learning process dramatically.
Second is to build out your processes so that there is no doubt around who does what and when during the application process. This ensures a consistent experience for all clients and less stress for the broker and their support staff.
The next one is to over-communicate with clients. Address their concerns before they happen, give them a deadline when they will hear from you next. If a client is contacting you mid-application, there is a good chance it was something that you could have addressed previously. People hate uncertainty so reduce their anxiety during one of the biggest transactions of their life. Using automation in your workflow at key milestones will help reduce the amount of time it takes to communicate effectively with your clients.
And the last is to learn lender policy and develop a respectful relationship with your BDMs. Knowing lender policies allows you to provide recommendations that are in your client’s best interest. A good relationship with your BDM will save the inevitable deal that goes pear shaped.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Daniel Valente of WE Mortgage Solutions, Brett Sutton of Two Red Shoes Mortgage Brokers, David Linco of Davlin Mortgages, Paul Kavanagh of Mortgage Finance Solutions, and Robert Trewin of Trewin Mortgage Broking.
Are you a mortgage broker interested in being featured? Email the author with your details.
