Mortgage Broker Business Plan

The ultimate guide to growing your mortgage business.

Mortgage brokering is a highly profitable industry for those that grow their business the right way. It can be a challenge when you’re also trying to juggle the work of putting loans together along with the necessary business admin.

Fortunately, there’s a way to get and convert more leads all while still providing excellent service for your existing customers. This is your one-stop shop, chock full of ideas to help get your business humming along.

From planning to processes and smart tech ideas, here’s what we'll cover:

  1. Mortgage broker business planning
  2. Working with an aggregator
  3. Making sure your business is secure and compliant
  4. Productivity boost: Leveraging tech to grow your business
  5. Best document collection software for mortgage brokers
  6. How to market your mortgage business

Mortgage Broker Business Planning

When you spot a gap in the market, it can be tempting to dive straight in. But you’re taking a big risk if you don’t do your homework first.  Whether you’re looking at starting up, or you want to lift your business to the next level, you need a plan that covers the basics.

Ask yourself these questions:


Who is your target market?

Residential or commercial, first-time buyers or experienced investors, owner-occupiers, or those looking for a vacation property?


target geography

Where are you going to focus?

Which neighborhoods? Which cities or regions? Inner-city, suburban, or rural? National or global? Will you take virtual clients?



How big do you want your business to be?

What do you need to break even, how many loans would you like to take on, and how much work can you realistically manage? Do you want to expand outside your current territory?

users people team

What’s your long-term growth plan?

How much extra staff? Full-time, part-time, or will you use virtual assistants to help you out with running the business? Will you need new premises, and how will you cover these increased costs?

You’ll also need to think about how you’re going to get a foot in the market, and grow your market share against the big players.


How do you fight and win?

One way of doing this is by joining a mortgage aggregator, which can help with branding and tech requirements, drive more referrals -- and the aggregator's brand will help establish your position in the market.  

Working with an aggregator

Getting business from your existing clients and having repeat business is a big problem in this industry. But working with an aggregator can help. And that’s only one of the advantages...


The advantages of an aggregator

An aggregator can help you in these key ways:

  • Streamline integrations and connections with banks
  • Increase client confidence in your business as part of a larger organisation
  • Strengthen your branding and provide marketing support
  • Provide access to larger client networks and increased referrals
  • Diversify income through licensing opportunities with the aggregator
  • Reduce admin via the aggregator’s regulatory and compliance services, loan information and lodgement services, and commission processing portals
  • Improve business planning and development through specialised software
  • Provide training and business development programmes

Here are out tips for what to look for in a mortgage aggregator.


How to ensure that your business is profitable secure and compliant

There are major penalties – financial and reputational – if you don’t play by the rules.


How to grow in a compliant way?

Financial regulations are complex so it’s important that you understand the ins and outs.
For a good overview of your compliance obligations in New Zealand, visit Compliance Matters, or for legal business essentials in Australia, visit the Australian Government.

The Royal Commission review in Australia has seen an even greater emphasis placed on responsible lending. An important place to start is making sure you get the basics right.

Have a good audit trail

Put simply, you need to know where the money comes from, where it goes, and who deals with it along the way. That’s important for the taxman and regulators but it’s in your interests too. Unless you keep good records of what’s happening to your money, you’ll never be able to make informed decisions for your business.

Be careful with personal info

If you rely on emails and attachments, you need to be careful about the personal information they might contain. Emails are vulnerable to hacking, can easily be sent to the wrong person, and attachments go missing all the time. That’s where best practices with online documents and newer technology like automated document collection systems can offer valuable safeguards for you and your customers.

Productivity Boost: How to Leverage Tech to Grow Your Business 

Tech solutions have boosted business productivity by automating the most mundane administrative processes, introducing more consistency into how processes are run, and reducing the chance for human error.

Automation is particularly important in mortgage brokering since success depends on the volume of transactions you can push through. The more time you spend on the paperwork involved in loan applications or on basic business admin, the less time you have to chase new leads. There are many uses and benefits of technology for mortgage brokers. 

Technology can enable every part of your business, but our recommendation for areas to explore first would be:


The Best Document Collection Software for Mortgage Brokers

As far as processing deals go, document collection software has changed the mortgage business immensely.

Rather than your staff having to chase clients for documents and collate materials by hand, these systems can automate the entire process from end-to-end. Some common ones include:

  • FileInvite requests documents from clients, sends reminders and saves it all to the cloud.
  • Bank Statements allows you to retrieve bank statement data quickly and securely.
  • CashDeck provides both instant retrieval of bank statements as well as expense analysis.
  • Evernote record and share notes from various devices.
  • Google Drive allows access to, and the ability to edit your documents stored in the cloud.

How to Market Your Mortgage Business

It probably seems obvious but if you don’t market your business, you won’t succeed. You might have the best game in the business but that means nothing if potential customers don’t know about you.

Small companies and start-ups tend to get the most out of digital marketing. Digital techniques change as the technology evolves but some of the main strategies you need to use include targeting your audience, pay-per-click advertising, remarketing, email lists, voicemail marketing. Having a broker website with these key elements and a way to capture leads is a no-brainer.  

It’s also important for mortgage brokers to be active on social media as well. Key social channels include LinkedIn, Facebook, and YouTube. But of course, there’s no substitution for real-life interaction!

You should also be attending meetup events, or even organising your own event. Read our other tips for marketing your mortgage business here.

Learn more

And there you have it - our quick yet comprehensive guide to helping you get your mortgage broker business to where you want to go.
To learn more about tools and technology that are helping transform this industry, head over to a tour of automated document collection with FileInvite or sign up below.

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