Loan Market’s Lana Moy, an experienced mortgage broker, reflects on her career, industry challenges, and the importance of collaboration and specialisation for success in broking.
Moy’s journey into mortgage broking began in 2015 when she seized the opportunity to purchase an existing broker book.
With years of experience as a bank business development manager (BDM), she had already built strong relationships with brokers and their clients.
“I have always loved helping people and wanted to use my extensive lending experience to achieve the best outcome for my own clients,” Moy says.
Over the years, Moy has witnessed significant developments in the broking industry.
One that stands out for her is the growth of customer relationship management (CRM) systems.
“The development of good CRMs has been a great help for brokers running a business,” Moy says.
Open discussions within the finance sector have also highlighted the crucial role brokers play, particularly around important topics like Best Interests Duty (BID) and clawbacks.
Like many brokers, Moy has faced the challenges brought on by rising cost-of-living pressures.
“Our business has seen people selling properties due to both financial and relationship stresses,” she says.
Unfortunately, this has sometimes resulted in clawbacks for her team, despite the sales being out of their control.
Moy believes a fair solution would be for lenders to differentiate clawbacks based on refinances and property sales.
One of the most important lessons Moy has learned is the value of focusing on what she and her team do best: residential lending.
“Playing to my strengths and not trying to be everything to everyone” has been key, she says.
By specialising in what they excel at, Moy’s team delivers better client experiences and has built a business based on happy repeat customers and solid referrals.
“Like attracts like,” she says, emphasising that focusing on the right clients brings more of the same.
For those entering the broking industry, Moy advises against going it alone right away.
“It would be hard for a new broker entering the market now,” she says, given the amount of information to absorb.
Instead, she recommends collaborating with experienced brokers or working within a hub of brokers.
“Collaboration and mentoring are invaluable,” Moy says, noting that learning from others can make all the difference in building a successful business.
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