The number of specialist home loans consultancy firms (mortgage originators) has grown rapidly in the past five years, which clearly highlights the fact the South Africans needed a service which not only helps to simplify the home loan process but also helps to ensure that you as the customer are getting the best bond deal.
Before mortgage origination, customers were forced to face the banks alone. Often the applicants had little or no knowledge of the requirements, benefits or responsibilities of taking out a mortgage, which lead to a number of problems. The application process often took much longer and clients would simply take the first option they were given, not realizing the fact that another bank may have granted them the same bond at a better interest rate or with better product benefits.
Home Loan Specialist have quickly become every home-owners best friend, because although the consultant does all the work for you but finding the bank that best suits your needs, there is no additional costs to you for arranging a bond / second mortgage / re-advance through an originator.
Because mortgage specialists, such as IBO Home Loans, are independent theyâ€™re able to offer home owners advice on the best products that would suit their requirements.
Many Ross, a home loan specialist from Wizard Financial Services explains what it take to become a mortgage bond originator: â€œThe job requires good marketing, organisational and administrative skills. You will need to do calculations of qualification, bond repayments and conveyancing fees, so you must have excellent numeracy skills as mistakes can be costly.
A good way of getting into this line of work is to do one of the recognised courses, work as an estate agent or property office assistant, and gain as much experience as possible.â€
In an interview with the Cape Times, Ross explains that although the job demand the best part of being a homeloans specialist is the challenge.
â€œEvery new bond is a challenge, and they differ so much that after seven years I’m still not bored.â€
Ross offers advice for anyone looking to get into this kind of work. â€“ Read the full interview.
â€œA good way of getting into this line of work is to do one of the recognised courses, work as an estate agent or property office assistant, and gain as much experience as possible.â€
â€œMost mortgage originators offer in-house training, and there are various Fais-compliant courses approved by the Insurance Sector Education and Training Authority (Inseta) and the Bankseta.â€