What support should a mortgage broker expect from an aggregator?

Lender access and lender accreditation are not the same thing.

A broker generally needs to be individually accredited before submitting business to a lender.

Aggregator support may include:

• accreditation applications;
• documentation guidance;
• lender onboarding;
• accreditation-transfer support;
• follow-up with lenders;
• monitoring outstanding accreditations;
• and assistance when accreditation issues arise.

The level of support can become particularly important when a broker joins or changes aggregator.

Compliance support is one of the more important functions an aggregator or licensee can provide.

That may include:

• responsible lending guidance;
• Best Interests Duty guidance;
• file-review processes;
• audit support;
• documentation standards;
• policy updates;
• templates;
• incident management;
• complaints guidance;
• privacy requirements;
• cybersecurity requirements;
• and record-keeping expectations.

Useful compliance support should help the broker understand their obligations before problems arise.

It should not be limited to identifying errors after the event.

Aggregators commonly provide or facilitate technology that supports the broker’s day-to-day operations.

That may include:

• CRM;
• fact finding;
• loan research;
• application lodgement;
• document collection;
• compliance workflows;
• electronic signatures;
• commission reporting;
• client communications;
• marketing tools;
• and business reporting.

A broker should assess

• ease of use;
• reliability;
• support;
• integrations;
• data ownership;
• exportability;
• and whether the technology actually reduces administrative work.

Technology should support the broker’s workflow rather than dictate it unnecessarily.

Even experienced brokers encounter lending scenarios that are unusual, complex or difficult to place.

Aggregator support may help with:

• identifying potential lender options;
• understanding lender policy;
• navigating accreditation restrictions;
• accessing lender BDMs;
• interpreting recent policy changes;
• and escalating unusual situations.

The purpose should not be to make the recommendation for the broker.

The broker remains responsible for conducting appropriate research and making a recommendation based on the client’s circumstances.

The value of support is in helping the broker obtain reliable information and identify avenues to investigate.

A newer broker may require a more structured support environment than an experienced broker.

That may include:

• formal mentoring;
• lender-accreditation guidance;
• scenario discussion;
• compliance coaching;
• file support;
• structured education;
• and assistance developing business processes.

A broker who is still within an industry mentoring period should make sure the aggregator arrangement aligns with the mentoring requirements that apply to them.

Not every support model is appropriate for a new entrant.

Some aggregators provide support beyond lending and compliance.

This may include guidance around:

• business planning;
• profitability;
• workflow;
• staffing;
• outsourcing;
• referral relationships;
• client retention;
• technology;
• succession;
• and business growth.

The value depends heavily on the experience of the person providing the guidance.

Ask whether the people supporting brokers understand the commercial realities of running a mortgage broking business.

An established broker moving aggregators may need help coordinating:

• notice requirements;
• licensing;
• lender accreditations;
• active applications;
• trail;
• client data;
• technology;
• commission processing;
• and compliance records.

Good transition support does not make these issues disappear.

It helps identify, sequence and manage them.

Routine support matters, but escalation support can be even more important.

A broker should know what happens when there is:

• a delayed lender accreditation;
• a commission issue;
• a technology failure;
• a compliance concern;
• a client complaint;
• an urgent settlement issue;
• a cyber incident;
• or a problem that cannot be resolved through normal channels.

Ask

• Who owns the escalation?
• Who can make decisions?
• How quickly can senior people become involved?
• Will someone follow the issue through to resolution?

The presence of an escalation pathway does not guarantee a particular outcome.

It does help ensure the broker knows where to go when normal processes fail.

Unexpected events can interrupt a broker’s ability to operate.

Consider what support may be available during:

• illness;
• injury;
• technology outages;
• cyber incidents;
• critical staff absence;
• compliance issues;
• or other disruptions.

A solo broker may place particular value on knowing who can assist if something goes wrong unexpectedly.

There is no single support model that suits every broker.

A new broker may want

• structured mentoring;
• formal training;
• frequent contact;
• and detailed process support.

An experienced broker may prefer

• independence;
• direct access when needed;
• business-level discussion;
• and minimal unnecessary intervention.

A large brokerage may want specialist departments.

A solo broker may value continuity with one experienced contact.

The right support model depends on the broker’s experience, business structure and preferences.

A large aggregator may provide

• dedicated specialist departments;
• substantial internal resources;
• formal service channels;
• large training programs;
• and extensive broker networks.

A boutique aggregator may provide

• more direct access;
• greater continuity of relationship;
• closer familiarity with the broker’s business;
• and more personalised support.

Some boutique aggregators operate through larger head groups and combine established infrastructure with a smaller relationship model.

Neither structure is automatically better.

The broker should assess which support model fits their business.