Morbanx Aggregation

Choosing an aggregator

Questions to ask before choosing a mortgage aggregator

Choosing an aggregator is one of the more important business decisions a mortgage broker makes.

Last reviewed: October 2026

The relationship can affect lender access, technology, licensing, compliance, commission processing, professional development, business support and what happens to the broker’s clients and trail if they later leave.

Aggregator business models and service offerings vary considerably.

The best way to compare them is not to rely on a headline fee, commission percentage or lender-panel number.

Ask detailed questions and make sure the answers are reflected in the agreement.

The short answer

Before choosing an aggregator, a broker should understand five things clearly:

  1. 1.What will it cost?
  2. 2.What will I receive in return?
  3. 3.What do I own?
  4. 4.What happens if I leave?
  5. 5.Will this model suit the business I want to build?

The questions below provide a practical framework for making that assessment.

Printable checklist available

Prefer to compare aggregators on paper? Download the 20-question worksheet and use it to record answers and notes.

Download printable checklist (PDF)
01

1. What is the complete cost of aggregation?

Ask for a complete breakdown of every compulsory and optional cost.

Depending on the aggregator, this may include:

  • commission splits;
  • monthly or annual service fees;
  • administration fees;
  • technology or software charges;
  • compliance costs;
  • licensing-related charges;
  • joining fees;
  • marketing or branding fees;
  • lead fees;
  • training costs; and
  • exit or transfer fees.

Do not compare aggregators using one headline figure alone.

The meaningful comparison is the total annual cost of operating under the arrangement.

Commission split vs flat-fee aggregationUse the aggregation calculator
02

2. How much of my commission do I retain?

Understand exactly how commission is treated.

Ask:

  • Do I retain 100% of upfront commission?
  • Do I retain 100% of trail?
  • Is any percentage deducted from either?
  • Are different products treated differently?
  • Are commercial, asset finance or referral commissions treated differently?
  • Are bonuses or other lender payments shared?
  • Are any additional charges deducted before payment?

A percentage that appears relatively small can become a substantial dollar cost as commission income grows.

03

3. Who owns my clients?

Do not assume that the person who introduced or serviced the client automatically controls the client relationship after leaving an aggregator.

Ask:

  • Who owns the client relationship?
  • Can I continue servicing the client if I leave?
  • Are there restraints or non-solicitation provisions?
  • Can I communicate with former clients after departure?
  • What happens to client records?
  • What privacy and regulatory obligations continue?

The commercial relationship with the client and custody of client data are related but separate issues.

04

4. Who owns my trail book?

Ask the aggregator to explain precisely what “trail ownership” means under the agreement.

Clarify:

  • whether you retain trail after leaving;
  • whether trail can be transferred;
  • whether lender consent is required;
  • whether trail can be sold;
  • whether fees continue after departure;
  • what happens following retirement;
  • what happens following incapacity or death; and
  • what happens if the aggregator terminates the agreement.

Do not rely on marketing language alone.

Who owns the client and trail book?
05

5. What happens if I leave?

A good aggregation decision should consider the exit before the broker joins.

Ask:

  • How much notice must I give?
  • Are there exit fees?
  • What happens to pending applications?
  • What happens to trail?
  • Can my client data move with me?
  • How are lender accreditations handled?
  • Are there restraints?
  • Are there transfer or release fees?
  • Does the aggregator continue administering trail?
  • How quickly can the transition be completed?

The practical difficulty of changing aggregator can be just as important as the joining process.

What to consider when switching aggregatorsAggregator transition checklist
06

6. Which lenders can I access?

Ask for the current lender panel, but do not judge the panel only by the number of lenders.

Consider:

  • whether your core residential lenders are available;
  • whether specialist lenders you use are available;
  • whether commercial and asset-finance lenders are relevant to your business;
  • whether lender access differs by experience or accreditation;
  • whether minimum-volume requirements apply;
  • whether any lenders restrict accreditation;
  • how new accreditations are managed; and
  • what happens to lender accreditation if you change aggregator.

A large panel is useful only if it contains the lenders your clients and business actually need.

07

7. How does lender accreditation work?

Moving between aggregators can involve changes to lender accreditation.

Ask:

  • Who coordinates accreditation?
  • How long does it normally take?
  • Are existing accreditations transferred or must they be re-established?
  • What documents are required?
  • Are there minimum experience or volume requirements?
  • Who follows up delayed accreditations?
  • Can I submit business while an accreditation is pending?

For an established broker with an active pipeline, accreditation timing can materially affect the transition.

08

8. What licensing model will I operate under?

Understand whether you will:

  • operate as a Credit Representative under the aggregator or associated licensee;
  • operate under your own Australian Credit Licence;
  • or have a choice between structures.

If operating as a Credit Representative, ask:

  • which entity holds the licence;
  • what compliance obligations apply;
  • what monitoring and supervision occurs;
  • what Professional Indemnity arrangements apply;
  • how complaints are managed; and
  • what happens to the appointment if you leave.

If operating under your own ACL, ask what compliance and operational support remains available.

09

9. What compliance support will I receive?

Compliance support should be understood before it is needed.

Ask:

  • Who can I contact with a compliance question?
  • How are files reviewed?
  • How frequently are audits or reviews conducted?
  • What feedback will I receive?
  • Is the approach educational or purely corrective?
  • What templates and guidance are available?
  • How are regulatory changes communicated?
  • What assistance is available if an incident occurs?
  • What cybersecurity requirements apply?
  • What records must I retain?

Strong compliance support should help the broker understand and meet their obligations rather than simply identify errors after the event.

10

10. What technology will I be required to use?

Technology can affect almost every part of a broker’s workflow.

Ask what systems are provided or required for:

  • CRM;
  • loan lodgement;
  • fact finds;
  • document collection;
  • compliance;
  • commission reporting;
  • customer communications;
  • marketing;
  • electronic signatures;
  • lender research;
  • file storage; and
  • reporting.

Also ask:

  • Which systems are compulsory?
  • What do they cost?
  • Can they integrate with other tools?
  • Who owns the data?
  • Can the data be exported if I leave?
  • What technology support is available?

Do not assess technology from a demonstration alone. Consider how it will work in your actual business.

11

11. Who will support me day to day?

Ask who you will actually deal with after onboarding.

Questions include:

  • Will I have a dedicated BDM or support person?
  • Can I speak directly with them?
  • How experienced are they?
  • What types of issues can they help with?
  • Who covers them when they are unavailable?
  • How are urgent matters escalated?
  • Will I be dealing with one person or several departments?
  • Can I speak directly with senior decision-makers when necessary?

The answer can be particularly important for brokers who value direct access and continuity.

How the Morbanx support model works
12

12. What business support is available beyond loan processing?

An aggregator relationship can extend beyond lender access and compliance.

Ask whether support is available for:

  • business planning;
  • workflow improvement;
  • profitability;
  • staff or outsourcing decisions;
  • referral relationships;
  • client retention;
  • technology;
  • marketing;
  • succession planning; and
  • business growth.

Experienced brokers may place particular value on practical business guidance from someone who understands mortgage broking as a business rather than only as a loan-writing function.

13

13. What training and professional development is available?

Ask:

  • What training is provided?
  • Is it aimed at new brokers, experienced brokers or both?
  • Is it practical?
  • Is training online, face-to-face or recorded?
  • Does it contribute to CPD requirements where appropriate?
  • Are lender and policy sessions available?
  • Is business-development training included?
  • Can I obtain help with specific scenarios outside formal training?

More training is not necessarily better.

Relevant training is more important than volume.

14

14. What community am I joining?

Some brokers value a large national network.

Others prefer a smaller group where members know each other.

Ask:

  • How do brokers communicate with each other?
  • Are there regular meetings or events?
  • Can brokers ask each other questions?
  • Is participation encouraged?
  • Are members collaborative?
  • Are there opportunities to share experience?
  • Is the community relevant to the type of broker I am?

The best community is one in which the broker is comfortable participating.

15

15. How independent can I remain?

Ask whether there are requirements concerning:

  • branding;
  • marketing;
  • business name;
  • websites;
  • referral partners;
  • approved suppliers;
  • software;
  • lead generation;
  • minimum production;
  • lender usage; and
  • business processes.

Some brokers value a highly structured model.

Others want to operate independently while using the aggregator for infrastructure and support.

Neither is automatically better.

The important issue is whether the model matches the way the broker wants to operate.

16

16. Are there minimum-volume requirements?

Ask whether minimum settlement volumes, submission volumes or lender-specific targets apply.

Clarify:

  • whether requirements apply at broker, business or lender level;
  • what happens if volumes fall;
  • whether new brokers receive a grace period;
  • whether lender accreditations may be affected;
  • whether low-volume periods create additional costs; and
  • whether minimums are realistic for your business model.

This is particularly important for brokers with specialised or seasonal businesses.

17

17. What happens if my business grows?

An aggregation arrangement that works when a broker is writing $10 million or $15 million a year may feel very different if the business grows substantially.

Ask:

  • Does the fee structure change?
  • Does support change?
  • Can staff or additional brokers be added easily?
  • Are there additional user or technology fees?
  • Can the business remain under the same agreement?
  • Can the business move from a solo model to a larger practice?
  • Does the aggregator support succession and expansion?

The relationship should be considered not only for the business you have today but also for the business you are trying to build.

18

18. What happens if I want to sell or retire?

Even if retirement or sale is years away, understand the position now.

Ask:

  • Can I sell my trail book?
  • Can I sell the broader business?
  • Does the aggregator have to approve the buyer?
  • Must the buyer remain with the same aggregator?
  • Are there valuation or transfer provisions?
  • Can trail continue after retirement?
  • What happens on death or incapacity?
  • Can a successor be nominated?

These provisions can affect the long-term value of the business.

19

19. What does the agreement actually say?

The written agreement is ultimately more important than a sales presentation or verbal assurance.

Before signing:

  • read the complete agreement;
  • identify clauses covering fees;
  • identify trail and client ownership provisions;
  • review termination provisions;
  • review restraint clauses;
  • understand dispute-resolution procedures;
  • understand variation rights;
  • identify any rights the aggregator can change unilaterally;
  • check succession provisions; and
  • obtain professional advice if there is anything you do not understand.

If an important promise is central to your decision, make sure the agreement reflects it.

20

20. Is this aggregator the right fit for the business I want to build?

This is the final question because it brings everything else together.

Consider:

  • Do I trust the people?
  • Do I understand the commercial model?
  • Does the lender panel suit my clients?
  • Am I comfortable with the technology?
  • Do I understand the compliance expectations?
  • Will I receive the support I value?
  • Do I retain sufficient control of my business?
  • Do I understand what happens if I leave?
  • Does the culture suit me?
  • Can I see myself operating under this model for several years?

An aggregator can provide excellent services and still be the wrong fit for a particular broker.

A practical comparison method

When comparing aggregators, create a simple comparison table with four columns:

  1. 1Question
  2. 2Aggregator A
  3. 3Aggregator B
  4. 4Importance to my business

Then rate each issue based on how important it is to you.

A broker who values direct support may give that factor more weight than a broker who wants a large national network.

A broker with a mature trail book may place greater weight on ownership and exit provisions.

A newer broker may place greater weight on mentoring and structured support.

The objective is not to identify the aggregator with the most features.

It is to identify the aggregator whose offering best aligns with your business.

Where Morbanx Aggregation fits

Morbanx Aggregation is designed primarily for experienced independent mortgage brokers who want to retain control of the businesses they build while having direct access to experienced support.

The model emphasises:

  • brokers retaining 100% of their commissions;
  • ownership of clients and trail;
  • direct access to Andrew Larcombe;
  • practical business guidance;
  • compliance support;
  • professional development;
  • broker community; and
  • access to the lender panel, technology and infrastructure available through Specialist Finance Group.

Morbanx is deliberately not positioned as the right aggregator for every broker.

The aim is to provide a strong fit for brokers who value independence, ownership and a high-touch support relationship.

Why MorbanxBoutique vs large mortgage aggregator

Continue your aggregator research

Frequently asked questions

What should I ask a mortgage aggregator before joining?

Ask about the complete cost, commission arrangements, lender panel, accreditation, licensing, compliance support, technology, professional development, business support, client and trail ownership, exit provisions and who will support you day to day.

Should I choose the aggregator with the biggest lender panel?

Not necessarily. A large panel is useful only if it contains lenders relevant to your clients and business. Lender accessibility, accreditation requirements and specialist lender coverage should also be considered.

Should I choose the cheapest mortgage aggregator?

Not automatically. Cost is important, but it should be considered alongside support, lender access, technology, compliance, ownership terms and exit conditions. The lowest-cost arrangement may not provide the best overall fit.

How do I compare aggregator fees?

Calculate the total annual cost, including commission splits, monthly or annual fees, technology charges and other compulsory costs. Compare that amount with the services and support included in the arrangement.

Why should I ask about trail ownership before joining?

Trail can become a significant business asset over time. Brokers should understand whether trail continues after departure, whether it can be transferred or sold and what conditions apply.

Why are exit terms important when choosing an aggregator?

Exit terms can affect trail, client relationships, lender accreditations, data, pending applications and how quickly a broker can move. Understanding them before joining reduces uncertainty later.

What should I ask about compliance support?

Ask how files are reviewed, who answers compliance questions, what guidance and templates are provided, how regulatory changes are communicated and what support is available if a problem occurs.

What should I ask about aggregator technology?

Ask which systems are compulsory, what they cost, who owns the data, whether the data can be exported, what integrations are available and what support is provided.

How important is the relationship with the aggregator BDM?

It can be very important, particularly for brokers who value direct assistance. Ask who will support you, how accessible they are, what experience they have and how issues are escalated.

How do I know whether an aggregator is right for me?

Consider whether the aggregator’s commercial model, lender access, technology, compliance approach, support, culture, ownership provisions and exit terms align with the business you want to build.

Next step

Ask the questions before you make the decision

The right aggregation relationship should support both the broker you are today and the business you want to build in the future.

Why brokers choose Morbanx

Call Andrew directly: 0417 512 306

Prefer to speak with Mia, our AI assistant: 0468 009 746

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This information is general in nature and is provided for educational purposes only. Aggregator agreements, services, licensing arrangements, lender panels, fees and support models vary. Brokers should make their own enquiries, review the relevant agreement and obtain appropriate professional advice before making business decisions.