Broker burnout – what can be done to provide better support?

It is no secret that the mortgage market has become increasingly complex; brokers have been going above and beyond to help their clients secure homes, but market conditions have been tough.

Gary Das (pictured), managing director of Active Financial, said the mortgage market has thrown some serious curveballs at brokers in recent times. Fluctuating interest rates and the constant need to review applications and offers, Das said, have placed a heavy burden on brokers’ shoulders.

“The extra admin required by networks and the commitment to client outcomes is eating up their time and energy; all this effort, and unfortunately, it is not translating into additional income per case,” Das said.

As such, he said it is no wonder that brokers may be feeling emotional and physical exhaustion from prolonged stress, anxiety, and frustration. So, what can be done to provide better support for brokers and combat burnout? Das has laid out some key changes that could make a difference.

Providing better support for brokers

For starters, Das pointed to streamlined processes, adding that pesky administrative tasks must be simplified.

“Standardising documentation requirements and improving communication channels would go a long way in reducing the time and effort brokers spend on each mortgage application,” he said.

Secondly, Das singled out technology, and he believes it is about time the industry began leveraging the real power of tech.

He said automation tools for document verification and application processing can significantly lighten the workload for brokers, giving them more time to focus on their clients’ needs and reducing the risk of burnout.

Moving on to training and education, Das said investing in brokers’ growth is crucial not only to consumer outcomes, but also in assisting brokers’ wellbeing.

“Comprehensive training programs and ongoing professional development opportunities will equip brokers with the skills and knowledge they need to navigate market complexities more efficiently,” he said.

In turn, Das said this helps to build brokers’ confidence and reduces their stress levels, which assists in preventing burnout.

Finally, mental health support - Das said providing access to counselling services, stress management resources, and self-care initiatives is vital.

“Brokers need support systems in place to take care of their mental wellbeing and prevent burnout,” he suggested.

Growing recognition

Over the past few years, Das said there has been a growing recognition of the importance of supporting brokers’ wellbeing within the mortgage industry.

“While more data is needed to assess the extent of this support, we can see some positive trends,” Das said.

He noted that industry associations, regulatory bodies, and brokerages are collaborating to develop resources, workshops, and programs focused on promoting wellbeing and stress management among brokers. Mental health advocacy has also gained traction, Das said, with organisations raising awareness and creating platforms for brokers to seek support.

By implementing changes that streamline processes, embrace technology, offer training and education, as well as prioritise mental health support, Das said we can better support brokers and help them navigate demanding circumstances.

“While increased support for brokers is becoming a trend, we need to continue our efforts to ensure their wellbeing remains a priority,” he said.

What additional support would you like to see for brokers to help combat burnout? Let us know in the comment section below.