For new starters into the mortgage profession, the MFAA and FBAA requires new entrants to find and engage with their own mentor.
And finding a great mentor can be a game-changing step in their business development.
A mentor is an experienced professional who can provide guidance, share insights, and help navigate the complexities of the mortgage profession.
Here’s a deeper look at why and how to find one, and the benefits of having a great mentor.
Industry knowledge
Mentors can share hard-earned lessons and insider knowledge that isn’t found in textbooks or training courses.
Network Expansion
A good mentor often introduces mentees to valuable industry contacts, potentially opening doors to new opportunities.
Problem-Solving Support
When faced with challenging situations, a mentor can offer advice based on their own experiences.
This may include loan scenarios, trouble shooting loan submissions, and speaking to the right people to get an approval.
Business Guidance
Mentors can help brokers set realistic goals and create strategies to achieve them.
Confidence Building
Regular interactions with a respected professional can boost a broker’s confidence in their abilities and decision-making.
How to Find a Mentor
Both industry associations, MFAA and FBAA have lists of endorsed/accepted mentors a new broker can contact.
Identify Potential Mentors
Ask other mortgage professionals to find out who are the best mentors in the industry.
Don’t just look at the fees but look at what value they can provide.
Ideal mentors are those whose business path or expertise aligns with your goals.
For instance, if I wanted to be a world champion pole vaulter, I would seek an Olympic medallist to mentor me.
You should do the same for your mortgage business.
Approach Carefully
Start by requesting a brief meeting or coffee to discuss how they mentor.
What are their success rates? How does it work? Does this align with your values and goals?
Speak to the other mentees who have achieved success. Ask for their opinions.
Be Clear About Your Goals
When you meet, clearly articulate what you hope to learn and how you envision the mentorship working.
If you do not know what you want, you’re likely to end up somewhere you don’t want to be.
Check the MFAA and FBAA websites
Both the MFAA and FBAA have formal mentoring programs that can match you with a suitable mentor.
And new mortgage brokers must engage one before they can start their business.
But existing mortgage brokers can also benefit from engaging the services of a great mortgage broking mentor.
Remember, mentoring is a professional relationship where the mentor assists the mentee with the development of specific skills and knowledge for their professional and personal growth.
By approaching it with dedication and respect, mortgage brokers can gain invaluable insights that accelerate their professional growth and success in the industry.
To find out more about how our mentoring programs can help, contact us.