The industry requires mortgage brokers who are new to mortgage broking to find and engage with an experienced mortgage broker mentor.
The mortgage broker mentor helps mentees by:
- Explaining the practical elements of customer engagement and loan writing
- Guiding the mentee through a defined set of lending scenarios and associated workflow processes
- Assisting the mentee in submitting high quality, compliant loan applications to lender partners
- Assisting in gaining new business and building a network
- Helping the mentee understand the industry, key relationships and overall responsibilities.
The Industry Intelligence Service (IIS) report released by the Mortgage & Finance Association of Australia (MFAA) has released the Average Gross Annual Earnings for a mortgage broker.
$195,534 – October 2021 – March 2022
$195,356 – April 2022 – September 2022
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Below is an extract from the Industry Intelligence Service (IIS) report which has been released by the Mortgage & Finance Association of Australia (MFAA)
Data provides insights on mortgage broker industry.
The fifteenth edition of the report covers the six-month period from 1 April 2022 to 30 September 2022 and draws on data supplied by 11 of the industry’s leading aggregator brands to provide broker and industry performance and demographic data.
MFAA CEO Anja Pannek said the report showed mortgage and finance brokers continued to be relied on by Australian homebuyers and business owners in the current rising interest rate environment.
Indeed, during the period covered in the IIS report, the share of mortgages written by brokers exceeded 70% for the first time at 71.7% in the September 2022 quarter.
“We know that for many borrowers, the consecutive rate rises that occurred during the period the report covers were the first time they have experienced upwards movement in the cash rate,” said Ms Pannek.
“We’ve heard from our members that in the current environment clients are proactively reaching out to their broker to understand their options.”
For the first time since IIS research commenced, the number of brokers has exceeded 19,000, at 19,236, increasing 5.2% year on year.
Among the other insights in the latest IIS report is that diversification of mortgage broking businesses into commercial lending continues to accelerate, with over 6,000 mortgage brokers now operating in this part of the market, representing a new all-time record.
Ms Pannek commented that commercial and equipment finance remains a significant opportunity for mortgage brokers to expand their service offering to both their existing home loan clients and new clients.
The proportion of female brokers was 25.4% during the period, down marginally from 25.5% as reported in the previous period. This is the lowest level since the measure has been tracked.
“It’s essential for the long-term sustainability and relevance of our industry that we nurture an environment that is welcoming to people from all walks of life,” said Ms Pannek
“The continued underrepresentation of women in mortgage and finance broking is an issue we are continuing to work with industry on and provide resources to help businesses take positive steps on diversity and inclusion.”
Nationally, the average total broker remuneration, prior to costs, was $195,356. This figure includes an average of $123,803 in up-front commissions and $71,553 in average trail commissions.
The September 2022 quarter saw the market share of the major bank lender segment increase to 47.2%, up 2.2 percentage points year-on-year. This increase came following two consecutive quarters of decline.
Reference https://www.mfaa.com.au/news/data-provides-insights-on-broking-industry
Download the Industry Intelligence Service (IIS) report 15th edition.
https://cdn.sanity.io/files/t0x3ukgp/production/abd20da6039b5f818549ada051e24004e9a86e52.pdf
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