Amy Ferguson’s story – How she became a mortgage broker

A real estate investor, she always had a passion for property

Amy Ferguson’s story – How she became a mortgage broker

In late 2016, Amy Ferguson (pictured above) embarked on a career shift that would eventually lead her to become a mortgage broker.

With a background in B2B sales and already a property investor, Ferguson was no stranger to the real estate market. Her experience using mortgage brokers for her own investments provided her with the insights necessary to make the leap into the broking world.

“This, together with the desire for flexibility as I had a six-month old baby at the time, led me to broking,” she said.

Since getting into mortgage broking, Ferguson has witnessed several positive changes in the industry. She considers the adoption of e-signatures for applications and contract documents as one of the most significant.

“This removes a pain point from the process and means that things can be done a lot faster than when we had to use snail mail,” she said. 

Ferguson, however, acknowledges the challenges in the mortgage industry, especially in an era where online information is plentiful.

“A challenge currently facing the industry is the phenomenon that everyone is an expert, given you can find a lot of information online about loan structures and products,” she said.

“Many consumers taking in this information don’t realise how specific and unique their lending situation may be compared to a generic article. Therefore, we really need to, as an industry, educate consumers that engaging an expert is the only way to go about getting a mortgage.”

Ferguson also shared a particularly stressful yet educational moment in her career, involving a family guarantee purchase deal that nearly fell apart when the lender withdrew their approval days before settlement due to an issue with the guarantor’s lending structure.

This experience, she said, underscored the human element in the assessment process and taught her valuable lessons in managing client expectations and navigating complex situations. Her takeaway? Always opt for a family guarantee with a bank familiar to the parents, if possible, as it greatly simplifies the process.

For those aspiring to enter the mortgage broking field, Ferguson, who founded Inca Mortgage Solutions, offers sage advice: view the direct channel as competition, not fellow brokers.

She also encourages new brokers to network extensively, attend industry events, and seek mentorship from more seasoned professionals. Ferguson believes that the generosity of knowledge among brokers is a vital resource for newcomers.

“Attend as many industry events as you can to network with your peers and BDMs,” she said. “Don’t be shy to ask someone who is more experienced than you for a coffee. There are a lot of very generous brokers who will happily share some of their time and experience with you if you simply ask.”

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