Broker education platform smashes more milestones
In early 2024, mortgage aggregator LMG saw a gap in the market to provide practical knowledge for budding brokers seeking to supercharge their skills.
It was, therefore, a no-brainer for LMG to relaunch Brokerversity, its end-to-end digital training academy and education platform.
Designed by and for brokers, LMG’s stated aim with Brokerversity is to equip brokers with the right skills and knowledge to enter a brokerage and start managing the loan process.
LMG’s head of broker education operations Deanna Garrasi caught up with MPA to discuss the milestones Brokerversity has achieved in a remarkably short space of time, and the critical importance of education for young and upcoming dealmakers.
Addressing skills shortages
“Business owners are always looking for high-quality talent to scale their operations,” Garrasi told MPA. “But finding staff who understand the loan journey and can genuinely support a brokerage was an unresolved challenge.”
Garrasi said that while there is a lot of theory in the market, “business owners told us that new-to-industry recruits lacked the necessary practical skills. As a result, business owners spent significant time training them to complete necessary tasks”.
LMG therefore designed Brokerversity to provide users with all industry-required knowledge. “However, it’s the practical components – such as adhering to strict compliance requirements or lodging an application through AOL – that positions users to make an immediate impact in their workplaces,” Garrasi said.
Brokerversity modules focus on interactive learning, incorporating peer-driven insights, expert-led content via a library of hundreds of educational pieces and practical workshops.
“From leveraging MyCRM’s time-saving features to understanding financial statements, as well as residential, asset and commercial courses, users gain the confidence to add value to a brokerage from day one,” said the group.
10,000 and counting
Garrasi said that Brokerversity is tailored to each user, providing them with a personalised dashboard and CPD (continuing professional development) point tracking for completed courses.
The “Manage Teams” feature streamlines team development, allowing business owners to assign tailored courses and easily track their team's learning journey, Garrasi said.
“At the start of this year, we recorded 100,000 lessons completions on Brokerversity, which is clear evidence of the platform’s engaging nature,” said Garrasi. “With close to 10,000 members on the platform, around 3,200 lessons are being completed every week.”
In a show of rapid growth, just last month, LMG was celebrating 8,000 members and around 2,000 weekly lessons on the Brokerversity platform.
“And amongst those figures are existing loan writers, credit analysts and client service managers looking to upskill, refresh their knowledge, or expand their expertise in asset and commercial finance to deepen client relationships,” Garassi said.
“In developing every lesson, we have remained focused on how the content supports LMG’s commitment to keeping brokers safe, saving them time, and helping them diversify their business offerings.”
Gaining qualifications
Brokerversity offers formal qualifications, including the Certificate IV in Mortgage Broking and the Diploma in Finance and Mortgage Broking Management.
Garrasi said that by the end of 2024, over 250 users had either begun studying or completed their qualifications through Brokerversity.
While Brokerversity is designed for LMG brokers, the platform is also open to the wider finance industry. Approximately 5% of users are not affiliated with LMG businesses, according to the group.
“While 5% is a small number, the fact that Brokerversity is attracting users from outside LMG speaks to the industry-wide demand for insightful education that delivers the practical skills needed for today,” said Garrasi.
The top five most-completed courses are:
- LMG compliance induction
- Submission learning pathway (AOL)
- Get MyCRM ready
- LMG broker onboarding pathway
- Lead to lodgement pathway
Importance of compliance
Garrasi emphasised to MPA the importance of compliance in broking. As such, Brokerversity’s compliance course is mandatory for all brokers as part of their onboarding to LMG.
“Exceptional compliance processes are critical to brokerages remaining safe in today’s regulatory environment, which is why we made this course a non-negotiable requirement,” said Garrasi.
“When users step into a business, they’re often responsible for lodging applications, so it’s essential they understand the process to ensure efficiency. It’s no surprise that the Lead to lodgement Pathway is also one of our top completed courses.
“We’re in constant dialogue with our brokers and LMG teams to ensure Brokerversity delivers relevant and practical education,” said Garrasi. “For instance, we collaborated with our compliance and cyber safety team to develop cybersecurity lessons for users.
“As a fully digital industry, it is crucial that we equip businesses with the knowledge to adopt safe digital practices and identify potential threats, ensuring they can protect both themselves and their customers.”
