Learn from a seasoned pro about the importance of tech, trust, and training new brokers
Geoff McIvor’s path from bank appraiser to mortgage adviser began with a newspaper ad in 2005. Nearly two decades later, he champions CRM tech, human connections, and his “black book” of hard-earned wisdom.
A journey in mortgage advising
McIvor (pictured), a mortgage adviser at Loan Market, has an extensive background in finance, spanning nearly two decades.
His journey into mortgage broking began in 2005 when he responded to a newspaper ad placed by Brian Greer’s Kiwi Mortgage Market.
His prior experience includes roles as a rural bank loan appraiser, a bank mortgage investment manager, a property developer finance manager, a registered public practicing property valuer, and a registered farm consultant.
This varied background has uniquely positioned him to navigate the mortgage industry with insight and expertise.
The most positive development in broking
Reflecting on his career, McIvor considers the introduction of CRM platforms and their continuous improvement as one of the most significant advancements in mortgage broking.
“The introduction of CRM platform and the subsequent ‘three thousand’ upgrades” has, in his view, enhanced client management and communication within the industry, fostering stronger connections and streamlined processes.
Current Industry challenges and solutions
McIvor is cautious yet forward-thinking when considering the future of mortgage broking.
“It’s hard to see too far into the distance,” he said, expressing concerns about banks reclaiming their loan originating capacities from brokers.
As smart technology continues to evolve, he sees potential competition in bank-controlled direct loan origination. However, McIvor believes that brokers’ strength lies in their expertise and “trusted ‘human-to-human’ relationship with the client and referral market.”
To stay competitive, he advises that the industry “may have to actively invest in [and better control] the training and qualifying of the next generation of brokers, become the preferred employer, and be the market’s preferred channel to property loan finance.”
Memorable and challenging career experiences
One particularly challenging case stands out in McIvor’s career.
Just three weeks before Christmas, he was approached by a new client who had impulsively bid on a property in a new city. The client needed extensive financial support, including a 10% deposit borrowed from family and the balance of $1.2 million as open bridging finance.
“My experience detected the risk of accepting the task,” McIvor said.
Despite securing conditional bank approval, the client’s inability to achieve an unconditional sale status on their existing home led to late settlement penalties.
The experience was a reminder of the importance of client communication and documentation.
“Lesson learnt/reinforced: Assume the client knows nothing about anything and keep detailed records and document all advice communication from emails/texts and, following every telephone conversation with a clarifying/confirming email,” McIvor said.
Advice for aspiring mortgage advisers
For newcomers to the mortgage industry, McIvor offers some practical advice: “Keep a ‘black book’ [that records the answers to all your questions]. Should not have to ask the same question twice, until you get to my age.”
He also recommends reading Dale Carnegie’s How to Win Friends and Influence People, which has influenced his own approach to client interactions and relationship-building.
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