Franchise owner shares his journey, industry insights, and expert advice for aspiring brokers
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.
For this week’s edition, MPA interviewed Scott Stevenson (pictured above), a Mortgage Choice franchise owner, who has built a thriving career in mortgage broking over the past two decades, combining expertise, adaptability, and a deep commitment to helping clients achieve their financial goals.
Full name: Scott Hamilton Stevenson
Job title: Franchise owner
Company: Mortgage Choice
Number of years in the industry: 22
Location: Jindalee, QLD (servicing clients all over Brisbane)
How and when did you become a mortgage broker?
I completed a Bachelor of Commerce at the University of Queensland and worked in asset finance for a few years where I got a taste for essentially being self-employed and the bug bit hard. In 2002, I saw an advertisement in the paper to become a Smartline Home Loans Franchisee, and I jumped at it. This business has since transitioned into a Mortgage Choice franchise.
In your opinion, what has been the most positive development in broking?
There have been so many positive developments in broking over the last 22 years. Brokers now write almost 74% of home loans, which is a huge testament to the value brokers provide and shows how borrowers increasingly embrace our profession.
The other positive development is that lenders have improved the access to client’s loan information. This makes client rate reviews more efficient for brokers and allows brokers to better negotiate with lenders on behalf of their clients.
What challenges do you see currently facing the industry, and what solutions would you propose?
I think commission clawback is one of the main challenges facing brokers. I would like to see changes made to make lender clawback policy fairer to brokers, especially in cases where the broker was not responsible for the customer discharging the loan.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Challenges are varied in nature and constant. The industry is constantly changing so being able to adapt to change is key. One memorable challenge that comes to mind is as a result of the Banking Royal Commission, home loan applicants were required to provide their personalised budget and living expenses, which brokers were required to verify. This was a new process for consumers and brokers, but in hindsight, this change ultimately benefitted the consumer.
In my experience, the best way for brokers to overcome challenges is to be well educated, and to be open and transparent when communicating with clients and lenders. I believe that as long as I do the right thing by my clients, everything will be okay.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
The main advice I would provide for anyone thinking about becoming a broker would be to make sure you have money set aside, particularly if you’re transitioning from a pay-as-you-go job to being self-employed because transitioning from a monthly salary to running your own business can be difficult.
The other thing I would say is to not be afraid of change, or technology, embrace them because they’ll make your process more efficient and help you better support your clients. Life is short, so if you feel the calling to become a mortgage broker, follow your heart.
Mortgage broking can be an extremely rewarding career, and no two days are the same. My advice to all new brokers is to work hard, find time to celebrate the wins, and keep working hard so that you can find long-term success.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Xavier Quenon of Go Mortgage, Peter Bassilios of Money Tree Mortgage Brokers, Andy Truong of Alliance Mortgage Group, Andrew Hadjidemetri of Australian Financial and Mortgage Solutions, John Minihan of Professional Finance Mortgage Broker, Daniel Bowler of Mortgage Choice, Scott Wills of Mortgage Choice, Camilla Lewis of Derwent Finance, Harrison Brown of Aussie, and Anthony Bloom of My Mortgage Partner.
Are you a mortgage broker interested in being featured? Email the author with your details.
