The Rookie Chronicles: Navigating (with humour) the Struggles of New-to-Industry Mortgage Brokers

Embarking on a career as a new-to-industry mortgage broker can be an adventure filled with unexpected twists, challenges, and moments that make you go, "Wait, what?!" Let’s look at some of the relatable struggles experienced by these intrepid professionals.

The Client Conundrums

As a new mortgage broker, you encounter a fascinating array of clients. Each with their unique quirks and stories. There's the client who insists they’ve sent enough documents, stating “…the last broker didn’t ask for all of this.” There’s the client who wants finance on an underwater-themed amusement park. Or something else that completely radical and super-duper yet no one has ever heard of it. And then there’s the couple who can’t agree on what day it is. While you sit at their kitchen table, smiling (so happy to be there!!), trying to complete a fact find, as they cook dinner and yell at the kids in the background. Your patience is tested, your diplomacy skills are honed, and you become a master of navigating the wild and wonderful world of client conundrums.

The Dance of Documentation

Ah, the joy of paperwork! As a new broker, you quickly become intimately familiar with the stacks of documents required for each application. Tax returns, pay slips, bank statements, and more. Your life revolves around gathering, organising, and double-checking piles of paper. Just when you think you've got it all sorted, a bombshell drops… an undisclosed debt now kills servicing. You start reworking the deal to amend this and that, pulling it all together again. Embrace the chaos, create a reliable system, and prepare to become a master of paperwork juggling.

The Subtle Art of Navigating Jargon

After starting you quickly discover that the industry has a language all its own. From acronyms like LVR, DTI, LMI, SOCA, MIR to terms like borrowing capacity, genuine savings, and claw back, it's like diving headfirst into a linguistic whirlpool. Don't be surprised if you find yourself nodding along at inductions and PD Days while secretly googling the meaning. It's all just part of the initiation.   

The Perils of Lender Love-Hate Relationships

Building relationships with lenders is a crucial part of a mortgage broker's journey. However, it's a delicate dance of love and hate. You spend hours crafting a loan application. Then go back, and forward, several times with additional documentation requests. At this point, you wonder if they are secretly enjoying watching you jump through the hoops. And THEN, it’s declined! The news of which comes via a backchannel message with a vague explanation like “…it’s not one for us.” You plead, spell out the positives, try and mitigate… again, and escalate with the BDM… again, to only be told “look, thanks, but no thanks.” You swear to yourself that you’ll never submit to that lender EVER AGAIN. Nek minnit…

The Art of Staying Zen Amidst Delays

Ah, delays - the bane of every broker's existence. You meticulously plan, communicate with clients, and have your ducks lined up. Only to face delays that seem to have a mind of their own. As the universe seems to conspire against you with constant curveballs coming at you. Documents go missing, valuers’ access is blocked, and the credit assessor goes on holiday and doesn’t reassign the file. Shit happens. Patience, in time, becomes your superpower as you navigate the twists and turns of home loans, maintaining a Zen-like calm in the face of seemingly insurmountable obstacles.

While the struggles are real, they also provide moments of hilarity and growth. It’s all part of the broking journey. So, newbies, or future newbies, embrace the quirks, learn from the mishaps, and always keep your sense of humour intact. The struggles will become part of your story, and one day, you'll find yourself sharing your own tale, or joining into one commenting “…those bastards did that to me too!”

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