Looking for a career in Mortgage Broking
Is there a legal requirement for the home loan customer to engage the services of an Accredited Mortgage Consultant (AMC)?
There is no legal requirement, but it is advisable that you engage the service of a mortgage professional. All MFAS registered AMCs must adhere to an industry Code of Practice which requires professionalism, ethical behaviour and commitment to work for the interests of the borrower.
Do need any educational qualification or licenses to becoming a mortgage broker?
MFAS recommends that to be a practicing AMC, you will join a Mortgage Consulting Company in Singapore which is registered as a Full Member with MFAS. To enquire if your intended mortgage consulting company is registered with us, please contact us.
How do I gain access to a wide variety of lending institutions?
In Singapore, banks do not officially deal with individuals; they only work with registered firms. However, if you start a mortgage consulting firm and are not able to deliver the minimum volume of loans that the bank requires, you may not be able to sustain that banking relationship.
To gain the access to lots of lenders without having to worry about minimum volumes etc, some brokers will enlist the support of an ‘aggregator’.
The aggregator holds the individual agreements with the lenders, and individual brokers use the aggregators’ agreements to submit their loans. The minimum volumes are made up by the loans being submitted by all the individual brokers, using the agreements of the aggregator. The aggregator will usually support by providing services such as software, training support, general business support and back office administration.
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