Monica Lam (pictured above), a recent entrant to mortgage broking, shares her journey from business development, the impact of technology in broking, current industry challenges, and advice for aspiring brokers.
Lam became a mortgage broker about six months ago, after a career in business development within the lending and UK mortgage broking sectors. Driven by a passion for helping people navigate the complexities of mortgage financing, Lam decided to transition into broking.
“I pursued necessary certifications and mentors in the industry, which helped me establish my career,” Lam says.
Lam highlights the significant impact of technology as the most positive development in the broking industry.
“The rise of technology and digital tools, like online applications, automated underwriting, and real-time communication platforms, have streamlined processes, making it easier for brokers to serve clients efficiently and improve the overall experience,” she says.
These innovations have allowed brokers to offer faster, more efficient service to clients, enhancing the overall client experience.
Navigating industry challenges with education and technology
Discussing the challenges faced by brokers today, Lam points to regulatory changes, competitive pressure from direct lenders, and the increasing complexity of client needs.
To address these issues, she advises brokers to invest in continuous education to stay updated on regulations, embrace technology to streamline their services, and prioritise building strong client relationships.
“Brokers should enhance their knowledge through continuous education, leverage technology for more streamlined service, and focus on building strong relationships with clients to better understand and meet their needs,” Lam says.
One of Lam’s most memorable experiences as a broker involved helping a first-time home buyer who had faced several loan rejections.
Lam’s dedication and problem-solving skills were put to the test, but by deeply understanding the client’s financial situation and offering tailored advice, she was able to secure the loan they needed.
“This taught me the importance of perseverance, empathy, and the necessity of creative problem-solving in broking,” Lam says.
For those considering a career in broking or just starting out, Lam emphasises the value of mentorship, ongoing education, and strong communication skills.
“I recommend seeking mentorship from seasoned professionals in the industry, continuously pursuing education to stay informed about market trends, and developing strong communication and relationship-building skills,” she says.
According to Lam, building trust with clients and simplifying complex concepts are key elements for success in broking.
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