Growing number of brokers want to diversify
With commercial loans regarded as a growth area for mortgage brokers, the MFAA will hold two additional educational workshops focusing on the sector following the success of this month’s New Commercial Broker Workshop.
The upcoming Top Gun Commercial Broker workshops will be held in Melbourne on Tuesday, November 14 and in Sydney on Thursday, November 16.
According to Dan Walsh (pictured above), MFAA executive, professional development and member engagement, these workshops have a lot to offer.
“They are great for brokers with at least three years’ experience in commercial lending to network with experienced, like-minded peers, learn from lenders and brokers about the current commercial market and improve their application success rate.”
Earlier this month, the MFAA ran its New Commercial Broker Workshop in Sydney and covered a range of topics including: the commercial and asset finance market; financial statements fundamentals; the commercial finance checklist; understanding business performance; what lenders want and strategies and tips to operate successfully as a commercial broker.
Walsh said the MFAA recognised a need for these workshops.
“We know from our industry research that more and more mortgage brokers are also writing commercial loans, together with insights from lenders and the Productivity Commission that indicate that broker write 30% to 40% of all commercial loans we see this sector as a growth opportunity for our members,” Walsh said.
“Commercial broking offers a wide array of avenues for mortgage brokers to diversify their business from car loans to small business loans to equipment financing.
“Diversification can benefit mortgage broking businesses by having multiple income streams which can be one way for brokers to manage risk.”
Walsh said the workshops have attracted interest from a range of different brokers.
“Our New Commercial Broker Workshops are aimed at brokers with expanding into commercial broking, or brokers who have up to three years’ experience writing commercial loans. We’ve had attendees who are brokers with extensive experience in home loans looking to expand into commercial lending, as well as new to industry brokers just starting out.”
The MFAA represents more than 14,500 members and aims to contribute to a healthy, competitive finance industry through advocacy, education and business-building support.
Earlier this month Helia and MFAA partnered to launch a survey to hear from mortgage and finance brokers about the trends, obstacles, and opportunities from borrowers when it comes to their perceptions about lenders mortgage insurance (LMI) as a pathway to homeownership.
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