Register for our upcoming webinar on the 19th August 2021, 12.00pm AEST
As an accountant you know your clients need your trust and expertise when it comes to their mortgages, but you also know this is a highly regulated industry full of wonderful compliance and lender shenanigans. All up it can take up to 14 (or more) hours to complete just one, simple finance transaction. This stops most accountants from becoming mortgage brokers and hinders a lot that do.
A bit of background; We talk to a lot of accountants that want to incorporate mortgage broking into their business. They would like to write the loans, and keep control of their clients and their outcomes but find it too time consuming and frustrating for potentially little reward.
Of course there are the other ways of doing it that do work quite well such as:
- Hire a mortgage broker into your business
A wonderful program if you have the volume to keep the broker busy. Highly profitable, and we make the whole process nice and simple by providing the credit license and recruitment and management of the broker. We also support you in generating referrals. *No mortgage broker qualifications required
- Outsource your mortgage work via referral agreement and receive a referral fee / commission
Done right and with an escalation point, this can be a highly fruitful program. No work except for a name and number. Just make sure you have a great referral partner to work with*No mortgage broker qualifications required
We have a gap to bridge:
The issue here is that a lot of accountants want to do the mortgage broker role but don’t want to be bound by the administration and research work required to fulfill the clients requirements. As such we have introduced a new service to the accounting market: Parabroking.
Our new initiative is simple in its method, and elegant in delivering to you what must be the “Holy Grail” in this field.
What we have done is breakdown the tasks involved in processing a typical finance transaction, reducing the accountants time and responsibilities to the most crucial part – client engagement; goal setting and sign off of the solutions offered.
Your outsourced “Parabroker” will do all the heavy lifting in this field including:
- Researching which lenders the client will fit with (Serviceability and credit policies)
- Researching the best fit products
- Compilation of documentation and client details
- Creation of compliance documents
- Lodgement of loan
- Process of loan to settlement
- After settlement contact
- Annual pricing request
The accountants role then becomes one of working with the clients on their goals and aspiration, and then making decisions based around selecting the right solution. They also maintain full control of the client and transaction. Generally around 2 hours work per file.
Of course the accountant in this instant will require the certificate IV or diploma in mortgage broking along with industry body memberships and a credit license. But for accountants this generally isn’t a difficult hurdle to overcome. A lot of prior recognition of learning is available in these instances and we can assist with this.
I’d like the opportunity if possible to take you through our new program by registering for the next webinar on the 19th August 2021, at 12.00pm AEST.
Clock here to register: https://event.webinarjam.com/channel/NLGACCTS19AUG2021
Steve Lake
Director of Partnerships
National Lending Group
slae@nlg.com.au
0406 076 828
www.nlg.com.au
He also owns Referconnect, a marketing company specialising in linking financial service providers to provide better outcomes for their clients and deliver assets and profit to business owners and stakeholders.
- NLG Education Series Part 2 – SMSF Lending for Accountants - 11 July 2023
- NLG Education Series Part 1 – Commercial lending for accountants - 27 June 2023
- Nuts and bolts: How to refer your clients - 8 March 2023
