On the evolution of the broking industry
Q: Who or what inspired you to become a broker?
After the Commonwealth Bank made me redundant in 1998, I joined forces with a risk insurance adviser, writing loans for his clients. Up until that time, I hadn’t come across too many mortgage brokers and wasn’t aware there was actually a full-fledged mortgage broking industry. I had always enjoyed writing loans and helping people in my bank roles, so mortgage broking allowed me to continue in a similar vein.
Q: How has the broking industry evolved since you started?
Mortgage broking has come a long way since I started in the late 1990s. Before signing on as PLAN Australia
’s first member, my lending panel was limited to three, but it now stands in excess of 60 residential and commercial lenders. From thermal faxes, dial-up internet and handwritten spreadsheets to keep track of the bank’s products, we’ve now advanced to more sophisticated processes. Compliance has also become an important part of our day-to-day routine, with increasing support from aggregators to keep things under check. We should accept and embrace these changes and try to use them to our advantage.
Q: What challenges and changes do you anticipate the industry will encounter in the coming years?
There’s rarely a day goes by where something doesn’t change, and I’m sure technology will continue to improve the way we communicate with both lenders and clients as we strive for quicker, more efficient application processing and conversions to settlement. One of my biggest challenges is keeping up with all these changes, and that’s why it’s so important to be part of a great team. I’m lucky that both my staff at Lending Specialists and my sub-aggregation team at Loans Actually are all very experienced, and their support is invaluable. I also rely heavily on my aggregator, PLAN Australia, and licensee, BLSSA, to keep me abreast of industry and compliance changes.
Q: What’s something you’re looking forward to in December?
Santa arriving on time and the Collingwood Football Club not losing a game in December (again). From a business point of view – to finish the year off well and set ourselves up for a strong 2018.