Episode 25: What Role can a Mortgage Manager play in our Recovery?
This week my guest is a man who has spent some 43 years serving others in the Mortgage & Finance Industry. From humble beginnings way back in 1984 with the opening of his Mortgage Brokerage in Ballarat Victoria operating as Western District Finance Consultants to the heady lights of television appearing on the Apprentice in 2011 with the likes of Shane Crawford , Jesinta Campbell & Julia Morris to winning numerous awards with Aussie Home Loans and operating Yellow Brick Road’s Number one Office Nationally to being the State Manager for Mortgage Aggregator Vow, National Sales Manager at Aggregator MLB (My Local Broker) and now currently in the role of National Distribution Manager for Tradies Finance. Rosco- Ross Laurenson has pretty much done it all when it comes to the finance industry.
Ross is a qualified Life Coach, a registered Real Estate Agent and the founder of the ROSCO ACADEMY for business coaching ( specialising in Mortgage Brokerage and Real Estate with the philosophy of Train them Don’t Blame them.
I ask Rosco straight off the bat “What is a Mortgage Manager and how does this differ from a Mainstream Bank?
We talk about how about Mortgage Manager would go about raising funds for lending if they don’t hold deposits like a mainstream bank.
The obvious question is Why would a person go to a Mortgage Manager rather than a bank and Rosco gives us insights in to the huge opportunities that working with a Mortgage Manager presents consumers.
Rosco gives us an insight in to the roll out of the new legislation for the Mortgage Industry being the B.I.D. (Best Interest Duty) which comes into effect on January 1 2021.
Most consumers would not have heard of this or what it means for them when it comes to the borrowing landscape.
As you can imagine there’s already plenty of differing opinions on how to interpret the legislation amongst the leading industry bodies and Rosco shares that it will likely take the legislation being tested before the courts to get a real sense of how the law will deal with B.I.D.
We discuss some of the big differences in how Banks assess a loan compared to a Mortgage Manager and it would be fair to say the differences can have a huge impact on a borrowers capacity to borrow and that is worth understanding particularly when it comes to building an investment property portfolio and wanting to be able to borrow for the acquisition of multiple properties.
As 2021 is fast approaching we chat about the importance of getting your funding team around you so you can be ready to take action and how doing this can give you a real advantage when it comes time to be act on a prudent purchase.
Rosco leaves us with some gems around what his team can offer at Tradies Finance and I definitely get the feeling it’s all about good old fashioned service.