_{Highlight segments:}

_{1.58 – Mike kicks off the episode}

_{4.25 – Dave has a fascinating stat about those who ask good questions}

_{7.30 – Cate touches on the privilege of trust}

_{11.10 – Emotional intelligence and picking up on body language}

_{13.30 – Why is mortgage strategy so much more important than rate?}

_{17.26 – Dave runs through the technical skills required to be a SMB (strategic mortgage broker)}

_{20.38 – Teaser from next week’s episode… a great listener question}

_{27.10 – Mike quizzes Dave about how SMB’s manage their client’s risks when it comes to deposits and breach of contract}

_{37.01 – And our gold nuggets!}

What does it take to become a great strategic mortgage broker?

“You need to listen with intent”, says Dave. There is so much more to effective mortgage broking than just having a good grasp of numbers and a sharp recall of loan products.

The most successful professional advisors ask seven times more questions than the average advisor.

Cate weighs in with a comment about how a good advisor can deliver an answer. She also talks about the privilege of being a trusted advisor. And Cate doesn’t worry about scripts and dialogue. It’s all about listening and asking the right questions.

The ability to notice body language and the EQ required in a role like this is intriguing. Tune in to hear more!

Why is mortgage strategy so much more important than rate? Dave runs our listeners through all of the important considerations in the mortgage strategy.

What are some of the technical skills required to be a SMB (strategic mortgage broker)?

Mike challenges Dave about the Royal Commission and the change in legislation for Responsible Lending. Dave sets the record straight! And he shares some good stats too. Cate and Dave discuss the broker commissions and the practical reasons why SMB’s maintain good, ongoing relationships with their clients.

Dave and Mike discuss the processes required to mitigate the consumer’s risk when it comes to deposits and settlements. Deadlines and clauses govern a lot of tasks, and attention to detail is critical. Dave shares some of the worst case scenarios.

Lastly, our gold nuggets……

Mike Mortlock’s gold nugget: Mike recalls witnessing mortgage brokers and accountants arguing about add-backs and servicing calculations. This early awakening showed Mike the value of a good quality mortgage broker.

Dave Johnston’s gold nugget: Dave reminds listeners that he has hardly mentioned interest rates in this episode. Strategic mortgage broking goes so much beyond rate.

Cate Bakos’s gold nugget: “If you win them on rate, you’ll lose them on rate”. Cate relays an important message about the importance of looking beyond offering the cheapest rate.

Resources:

If you enjoyed this episode, you may also enjoy these:

Ep. 9 – Why your mortgage strategy is more important than your interest rate?

Ep. 24 – How mortgage strategy shapes your ability to hold property and how it can pay off for decades to come

Ep. 34 – No mortgage strategy – No.4 of the top 7 Critical Mistakes

Ep. 115 – How much can I borrow? How borrowing capacity can be impacted, massaged and manipulated (without breaking the rules of course!)

Ep. 191 – Risk management and the things that can go wrong when mortgage strategy is ineffective