Q. Is your mortgage broker backed up by an in-house support team?
A. The reality is mortgage brokers are constantly searching for new business while managing loan applications. This means while you think they are working on your loan, they are actually out there chasing more work because they now have "signed you up". The vast majority of mortgage brokers are busy writing blogs for their social media, networking with accountants and solicitors and generally allocating 50% of their week to finding new work. In the interim, your file is sitting on their desk.......
An efficient mortgage broker is one that has staff around them to complete the application, lodge it to the lender, ring you with news (or no news) and most importantly follow up with you post-settlement when payment is due. A good mortgage broker, therefore, has the time to focus on keeping abreast of the daily changes in credit policies. Mortgage brokers have 12+ lenders they will wo.rk with. With one email every day advising of changes to LVR's, postcode restrictions, SMSF restrictions, APRA requirements, macro-prudential requirements, off the plan, cash out policies, FHO policies, refinance incentives etc, an astute broker needs time to be on top of the best offer for your needs. The reality is the opposite.
Did you know that 90% of brokers use just 3 or 4 lenders even though they advertise they represent 20 lenders? An efficient mortgage broker has a dedicated support person that rings and introduces themselves to you saying they are now the point of contact. For example, "Hi, I am Sally. I am working with your broker Jeff. For any questions relating to the home loan you selected please ring Jeff. If in the unlikely event I haven't communicated the status of your loan via email or phone call, please ring me here in the office. My role is to make sure you understand where the loan is at and deliver any news, good or bad. You are in complete control and between Jeff and me, we will assist you with obtaining the loan for you. Any question I can help with". There needs to be a person acting on your behalf communicating to stakeholders like solicitors, valuers, builders, council, internal bank staff and the other 13 point process we at Hunterwood have identified.
Hence, a top 1% mortgage broker should be in the position to give advice without having to worry about prospecting, submitting the loan to the bank, following up with the credit officer, valuer, solicitor, builder, real estate agent and so forth. Otherwise, because the broker is so busy, they missed out on the offer