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 with all the basic 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. Work with an aggregator
  3. How to make sure your business is secure and compliant
  4. Productivity boost: How to leverage 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, or grow your market share against the big dogs.


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, can provide more referrals, and not to mention, will help you seem bigger and more established.

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 their 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.


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.
laptop writing

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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