Morgtgage broker Industry

Hi anyone tell me how mortgage brokers get accompanied with a Aggregator? Is there a recruiting agency for jobs in this industry?

 

I'll be talking with a mortgage broker on Monday, so I'll ask him.

 

I'm a mortgage broker.

After getting the necessary qualifications & joining the required professional industy association, in my case the MFAA, I approached the Aggregator that gave me the best deal, in client service, trailer commissions, etc, etc.

 

Can someone educate me please.
I have a vague idea, but what exactly does the Aggregator do?

 

To get access to the big banks, you would need to be doing some pretty heavy volume, ie $5M per month, so if you wanted the big 4 on your panel you would need to be doing in excess of $20M per month in loans.

So the aggregator sits between the broker and the bank, and the aggregator might have hundreds of brokers which combined would easily write the necessary volumes.

So a broker writing $2m of loans a month would be able to access a wider variety of lenders if they go through an aggregator.

 

Thanks willy1111

 

That's it Willy.

The Aggregator has what is termed a panel of lenders.

A typical number would be about 30-35 lenders on its panel so the brokers under the aggregation group can access these lenders to provide, say home loans for their clients.

The aggregation group, then provides all the support & services required for a broker working in the industry. Like professional development, software, CRM systems and most importantly for the broker the calculations & payments of the commissions payable by the lenders.

The Aggregator makes their profits by retaining a percentage of the overall commission payable by the lenders, typically about 10%.