A Day in the Life of a Mortgage Broker

mortgage brokers day Oct 24, 2023
A Day in the Life of a Mortgage Broker

Have you ever wondered what a mortgage broker actually does during their workday? If you're considering a career in finance, especially mortgage broking, you're in the right place. At FARSTA, we prepare our students for a fulfilling career in this dynamic industry through our Cert IV in Finance and Mortgage Broking and Diploma in Finance and Mortgage Broking. In this blog, we take you on a journey to explore the various tasks that make up a day in the life of a mortgage broker. This is designed as a broad overview of what a Brokers Day may entail. Everyone will form their own workflow, but it should be clear even from a cursory read of this blog, that this career has a lot of moving parts and time management is paramount!

Starting the Day Right: Emails and Industry Updates

Mortgage brokers usually kick off their workday by checking emails and voicemails. This involves sorting through client communications that have come through overnight and perhaps catching up on the latest industry news and lender communications to stay informed with policy updates, rate movements etc.

Team Meetings: Planning and Strategy

Early in the day, it's common to have a team meeting. The purpose is to allocate tasks for the day, review the status of current client cases, and discuss and prioritize work in progress.

Client Appointments: Consultations and Strategy

Client appointments are often a major part of a mortgage broker’s day. Whether in-person, at a client’s home, or through virtual means, these meetings often kick start the loan process. Brokers discuss the client’s financial objectives, clarify various loan options, and often initiate the mortgage application process.

Networking Over Lunch: Building Relationships

Lunchtime is not just for eating; it’s also an opportunity to network. Mortgage brokers frequently use this time to meet with referrers such as real estate agents, accountants, financial planners and other professionals in the industry. Forming these relationships is vital for business growth and getting client referrals.

Afternoon Paperwork: Processing and Communication

A significant chunk of the afternoon is usually devoted to administrative tasks. This includes processing loan applications, gathering necessary documentation, and liaising with lenders to ensure everything is tracking smoothly.

Market Research: Staying Ahead

In the fast-paced world of finance, staying up-to-date is essential. Mortgage brokers often allocate time for researching new mortgage products, studying changes in lending criteria, and keeping abreast of regulatory shifts.

Wrapping Up: Follow-Ups and Planning

As the day draws to a close, brokers review their to-do lists and make sure all tasks have been tackled. This is also the time for follow-up calls and emails to both clients and lenders to ensure all loose ends are tied up.

Evening Client Interviews

Evenings are often the only time clients have available to meet with you. Whether in person or via video technology, most Mortgage Brokers are prepared to accommodate their clients by offering this extra level of service and convenience.

Being a mortgage broker is a rewarding but challenging career that involves a mix of strategic thinking, customer service, and industry knowledge. If you find this career path intriguing, consider enrolling in FARSTA's Cert IV in Finance and Mortgage Broking and Diploma in Finance and Mortgage Broking today. We also have a Recognised Prior Learning (RPL) program if you already have finance experience.