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Mortgage Broker News | 30 Apr 2013, 12:00 AM Agree 0
Brokers know there is a problem with a lack of training among agents, but it is time they took the lead and instituted a universal in-house training program, says one principal broker.
  • Brian Matthey | 30 Apr 2013, 08:33 AM Agree 0
    We have successfully trained 6 agents by having them fulfill an underwriters role for 2 years prior to going out on their own.They are allowed to bring in deals and they learn hands on with their broker/trainer.Commission on sourced deals is split 50/50 with the trainer and the trainees share is accumulated until their training has finished.They then have a pool of funds to draw upon when they hit the street on their own.In our last trainees case that amounted to 20K as a fund to draw upon until commission flowed in .
    5 of our past trainees are in the top ten in our firm and one is our top agent last year and we always have one or two new agents in this role.
    In my opinion,too many brokers hire for the sake of numbers and don't make the necessary investment in the future of their company.
    Too many risk their reputation and the reputation of the industry on untrained agents.
    There is a perception in the industry that this is get rich quick scenario.New agents expect the highest splits and don't think they have to put in the time to learn their craft.
    It's all the in expectations of the brokerage in giving them a real life expectation of what they need to do to be successful and there is no short cut.There is no substitute for time spent in an underwriting role to learn the technical aspects of the business while working with an experienced agent in learning the human client and lender dynamics of each individual situation.
    I have said previously that there should be an recognized apprenticeship program administered both in licencing and supported through provincial or national associations.Nobody should be allowed to write an exam and be an instant agent.There should also be a great responsibility attached to the brokerage for supervision of new agents through this program.Finally, there needs to be responsibility in the hands of super/brokers to set a standard of acceptance in new hires and training.As long as they continue to brag about numbers and volume instead of quality of their people,there will never be a solid solution.
  • Chris Leader | 30 Apr 2013, 09:18 AM Agree 0
    While I have trained several of the major mortgage brands, my experience has been that mortgage companies and mortgage professionals are less interested in investing in themselves when it comes to sales training. There is certainly a need for it though.

    Leader's Edge Training offers a comprehensive sales training program for mortgage professionals, covering all of the sales and business skills that are needed: generating leads and marketing yourself, presentations to clients and realtors, handling objections and communicating effectively, selling yourself on more than just your rate, managing your business and your time, and a lot more. All the information about the course is available online here - http://leadersedgetraining.com/mo_courses.php

    I welcome any company or regional organization to contact us about arranging a course. 866-607-7999

    Chris Leader
    President & Master Trainer
    Leader's Edge Training
  • Ron Butler | 30 Apr 2013, 02:55 PM Agree 0
    I know we get push back all the time on the apprenticeship concept but I have to say Brian's idea of an underwriter working two years training on real files and also accumulating some commissions to fall back on when they go 100% commissions seems like a very strong program to build a community based brokerage.
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