Choosing a mortgage broker (lender) checklist
- Thread starter svamin
- Start date
Hi Terry, care to share why?
Because the FBAA doesn't require the diploma upgrade module for mortgage brokers.
I don't need a diploma, I've got a masters of law!
When I joined both had the cert iv as a requirement but I just don't like the way the MFAA goes about things so I joined the lesser of two evils.
I think I will need to upgrade to the diploma sooner or later. Not that it means anything. I will wait until it is necessary though as you wouldn't learn much by doing it.
Terry totally agree it is a load of rubbish.
I am in the UK at the moment and just had lunch with a really good friend of mine who is a partner in a Stockbroker firm where he has been for the last 38 years.
They are making him everyone sit new exams and he has decided not to bother and walk away from the industry. His position is being taken by a 23 year old in the office with less than 18 months experience.
He can stay on but can't give his High Net Worth Clients it is a joke.
This is over and above the normal CBD points he has too collect.
In saying this of course i feel so much more educated with another piece of paper behind me.
I am in the UK at the moment and just had lunch with a really good friend of mine who is a partner in a Stockbroker firm where he has been for the last 38 years.
They are making him everyone sit new exams and he has decided not to bother and walk away from the industry. His position is being taken by a 23 year old in the office with less than 18 months experience.
He can stay on but can't give his High Net Worth Clients it is a joke.
This is over and above the normal CBD points he has too collect.
In saying this of course i feel so much more educated with another piece of paper behind me.
They're also fantastic for covering up holes/imperfections on any walls you may have.
And that's about it.
I did a face to face seminar last year, and just had the coursework to complete, which I promptly procrastinated when the MFAA or whoever, said the deadline was extended until january 2013. then, on a thursday afternoon, I get an email saying the cut off for that course was the following day, and if I didnt submit the new course would have to be sat again, and the coursework was diferent and more involved (and at an extra cost).
So, in about 4 hours, I had the lot done. the marker had me resubmit a few questions, and I had my shiny new certificate (and letters after my name!!) the next week.
Ive found its always easier to be grandfathered into this stuff, or to do any new requirements early, as later on the course work gets more involved and more expensive.
Whats the minimum requirements to become a broker these days? The diploma? Poor buggers, up for a franchise fee, start up costs for a new business, and then untold hours (and dollars) completing coursework and being mentored before you can start making money.
So, in about 4 hours, I had the lot done. the marker had me resubmit a few questions, and I had my shiny new certificate (and letters after my name!!) the next week.
Ive found its always easier to be grandfathered into this stuff, or to do any new requirements early, as later on the course work gets more involved and more expensive.
Whats the minimum requirements to become a broker these days? The diploma? Poor buggers, up for a franchise fee, start up costs for a new business, and then untold hours (and dollars) completing coursework and being mentored before you can start making money.
I can confirm that to be the truth
Masters of law.....pfftt....you can't possibly be a competent broker until you've got the half day diploma under your belt
Cheers
Jamie
I can confirm that to be the truth
Masters of law.....pfftt....you can't possibly be a competent broker until you've got the half day diploma under your belt
Cheers
Jamie
And with the quality content of the Dip which seems to be overwhelming 'Cross col everything you can! Wahoo!" they're just reinforcing poor structuring advice.
what can you expect when you let an RTO loose with ex bankers as primary trainers ?
No disrespect to retail, but let us remember.........
The banker is the agent of the bank
The broker is the agent of the borrower
so why do we allow the banker/ex banker to train brokers ?
ta
rolf
Choo choo all aboard the crazy train.
It's the flaw of a lot of the education unfortunately, especially from the professional side I've noticed. Professionals who excel in their field are too busy making money through using their skill set to be lured by RTO's, instead only what you could argue as the least competent individuals to write the programs, pulling down the industries future entrants.
Now the mentoring program - fantastic. Coupling newbies with experienced players is a good idea. Plugging courses which are a combination of tacked on Financial Planning courses (word for word Ctrl+V), misguided concepts and blatantly false information in some cases.
Can't say I picked too much up on the Diploma.
Just wait until they bring in a B.mb!
I agree with the others. These questions are for once you've chosen your broker. It did seem like a test and it seemed like the questions are a bit wishy washy without outlining your circumstances. If you know the answers to these questions, you've probably already got a good broker, or know where to find one.
Good on you for posting it though. Wish you the best with the document.
Good on you for posting it though. Wish you the best with the document.
