From second-tier lending roots to top-tier broker, Davies shares his journey
Steve Davies (pictured above) went from second-tier lending to mortgage broking success, guiding clients with expert advice and championing mentorship along the way.
From second-tier lending to top-tier broking
Davies began his mortgage broking career in January 2005 with Approved Mortgage Broker in Auckland, focusing on the non-conforming market. His 18 years of experience working for a finance company proved invaluable.
“They were looking for a broker to specialise in the non-conforming market,” he says. “As I had spent 18 years working for a finance company in Auckland and had experience in second tier lending, it proved to be a good fit,”
After the company was acquired by New Zealand Mortgage Finance, he joined a large group of specialised brokers.
Today, Davies works with Cole Murray Financial Advisers, where clients have access to a full suite of financial services, including mortgage, insurance, and investment advice.
Qualifications raise the bar in broking
Davies highlights the introduction of formal qualifications as one of the most positive changes in the industry.
“The introduction of formal qualifications has lifted our industry into the professional sector,” he says.
These qualifications ensure that clients receive advice from educated and qualified advisers, leading to higher-quality applications being submitted to banks and lenders.
“Having those levels of qualification set has been a positive development,” Davies says, emphasising how this shift benefits both clients and financial institutions.
Streamline to shine in broking
One of the main challenges Davies identifies is handling the growing volume of business flowing through advisers to banks.
The public’s trust in qualified advisers has increased, prompting banks to enhance their resources in this area.
However, Davies believes there’s room for improvement: “A more standardised processing of forms and improvement in electronic submissions of applications could benefit the clients with quicker responses and approvals.”
He suggests that banks adapting their systems and increasing staffing will attract stronger applications and provide clients with better outcomes.
Late bloomers: A first home at 50
Reflecting on his career, Davies shares one of his most memorable experiences: helping a couple in their 50s purchase their first home.
“They had spent their working life bringing up their family while renting,” he says.
With their children grown and a healthy KiwiSaver deposit, they sought a family home for future grandchildren. Despite starting later in life, Davies was able to secure a bank’s approval, allowing them to finally become homeowners.
“They became proud homeowners with a base for their family,” he says, highlighting the rewarding nature of his work.
Guided by pros: The key to success
For those looking to enter the mortgage advising industry, Davies emphasises the importance of mentorship and joining a group of experienced professionals.
“I would strongly recommend joining a group with experienced advisers that can mentor you,” he says.
He stresses the collaborative nature of the industry, where advisers are eager to share knowledge and experiences.
“Tap into that with a group that has a range of services and advisers,” Davies says.
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