Training and education: The key to success in the ever-evolving mortgage world

New and experienced brokers alike are always looking for ways to build a competitive edge. Effective training is one of the best ways to do exactly that

Training and education: The key to success in the ever-evolving mortgage world

The mortgage industry has long been known for being competitive and tough, but greatly rewarding when done right. Training and education are not only important at the start of a mortgage agent’s career, but also throughout. For industry professionals, continued learning is crucial in order to provide clients with the most accurate information and guidance possible.

“The mortgage industry is ever-evolving, and its dynamic nature makes it critical for stakeholders to stay up-to-date and relevant throughout their careers,” said Shubha Dasgupta, president and CEO of Capital Lending Centre. Studying areas of finance, economics, sales and the housing market are all beneficial to mortgage professionals, he added, but staying tuned to marketing, self improvement and mental health can be extremely valuable.

Being well informed is one of the greatest tool mortgage brokers can use to stay competitive. It’s integral to the development of relationships with referral partners, clients and building a brand as a trusted expert. “Knowledge can help us stay ahead of industry trends and ensure customers and partners are receiving a seamless experience,” said Dasgupta.

A new white paper by Capital Lending Centre outlines the importance of specific industry training and key learning techniques for new and tenured professionals. In today’s digital world, Dasgupta said there is no excuse to fall behind. With online resources and courses to news, social media and more, pertinent information is always easily accessible. He suggests starting with brokerage training programs, industry publications like Canadian Mortgage Professional, and news aggregators that pull relevant articles and publications from multiple channels.

According to the white paper, the brokerage, agent and other industry players all have a role to play in the lifelong education of a mortgage professional. Having a brokerage or network partner that shares in your ethics and values and is committed to delivering education that resonates with you is something to consider, said Dasgupta. “It’s one thing to offer training, but the key to success is having a brokerage take you through the delivery and its purpose, what the expectations are and how to apply the information.” Tracking and monitoring agent activity and results is a good way for branch managers and company leaders to judge whether there are enough resources going into training and education, he added. In addition, the paper suggests the costs associated with a lack of training is massive. “For employers, a lack of training leads to low performance, lack of employee development and growth, diminishing standards, unhappy employees, increased costs and lower sales,” the paper stated.

As an agent, there’s also a responsibility to embrace all the material and start utilizing it effectively. Lending partners, vendors and other industry colleagues should also participate in verifying information, sharing tips and contributing material to an agent’s learning.

Finding out what style of learning is best suited for you is also something Dasgupta recommends whether it’s visually, through audio, in person or self-directed.

“Education and training is paramount to new agents accelerating their careers and growth, as well as existing agents who need to stay relevant. Knowledge should always be a primary concern, as the training agents receive will be a key measure of success,” said Dasgupta.  

To learn more about how the right training and education can be a major differentiating factor to mortgage professionals across the board, you can download the white paper here.