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Talent shortage in Mortgage Broking - Loan Admin Drought.

I’ve touched on this subject frequently in the past, I’ve highlighted many times that there is a talent shortage within the Mortgage Broking industry. As I try and build pools of talented individuals with lending experience I slowly try and make things easier for groups to hire top staff.

I am not the only one thats highlighted this issue nor the only one that’s struggled to find loan admin staff with a strong track record that are keen for a new opportunity. They are out there, of course, but I dare say the number of brokers looking out weighs the processors. 

I believe one of the reasons for this is how the industrie's structured, and the fact a broker often starts at the top. In most industries, individuals work their way up, imagine a pyramid - a high level of new entrants slowly working their way up the ranks to management positions. People striving for more responsibility, more money etc, there is high competition because the spots are limited.

Mortgage brokers start at the top, which means the pyramid is upside down and looks more like a funnel there’s more at the top then there is working their way up. Meaning there are more brokers than there are juniors and lower level positions.

It was a meeting with Michelle from AAMC Training that prompted this blog, we were discussing graduate and apprenticeship programmes, the current state of training and how we can fix this “Loan Admin” drought our industry is facing.

At the minute AAMC Training have received Victorian Government funding allowing individuals to up-skill and gain the Cert IV qualification for less than $400 in a classroom environment a course that usually costs $1300 or a saving of over $2000 if they complete the Diploma.

On top of that anyone looking to grow their business may be eligible for a $4000 federal government grant for employing admin staff or a new broker and up skilling them. 

As I constantly search for ways to source and recruit these highly sort after candidates I feel this is something that could potentially be a huge benefit to brokers. It minimises some of the risk involved and makes the hiring process less expensive. 

If you’re looking to grow the team, reach out and we can discuss how all these benefits knit together and make the hiring process a little easier.