Mortgage brokers today manage a heavier workload than ever. In late 2024, brokers arranged roughly 76% of all residential home loans in Australia, all of which required thorough paperwork and compliance.

This demand means brokers must manage countless administrative duties, such as data entry, lender liaison, compliance checks, etc. Virtual assistants offer a way out of this bottleneck.

These remote professionals can help you handle time-consuming, repetitive loan processing tasks. Offloading these routine operations allows brokers to focus on client relationships and growth. Read along as we discuss how to delegate tasks to these virtual assistants effectively.

The Administrative Burden of Mortgage Broking

The mortgage application and approval process is notoriously complex. Brokers must manage numerous tasks simultaneously, from client meetings and marketing to processing the loan documents itself, chasing documents and ensuring regulatory compliance.

Routine and time-consuming chores such as entering client data into CRM systems, calculating serviceability, ensuring all documents are in compliance with current legislation, chasing needed documents from borrowers, waiting on the phone for BDMs and or following up with approvals from lenders, etc. all demand meticulous attention.

This drains a broker’s energy and can be prone to lots of errors. Without assistance, even minor oversights can cause delays and/or mistakes in approvals, frustrating clients and potentially costing the business.

Delegating non-core tasks to a Virtual Loans Assistant can immediately relieve this pressure.

How Virtual Loans Assistants Can Help Mortgage Brokers

●     Data Entry and CRM Updates

From initial application to settlement, all borrower information must be logged accurately in the broker’s system (e.g., Connective, Mercury, Symmetry, etc.). Any error or omission can hold up the approval process.

●     Document and Forms Preparation

Completing loan documents (such as valuation requests, discharge forms, or grant applications) is critical. Mistakes or omissions in these documents can delay or derail loan applications.

●     Client and Stakeholder Communications

Keeping borrowers, lenders, and in-house teams and/or all stakeholders updated is an ongoing chore. Regular status calls and email updates are needed to prevent surprises. To avoid unexpected mishaps, you can delegate all the painstaking tasks of liaising and coordinating between broker, client, and lender to a virtual assistant.

●     Lender and Product Research

Brokers must keep up with ever-changing loan products, rates, and lender policies. Comparing options to meet each client’s needs is time-intensive, which virtual assistants can take over.

●     Compliance & Quality Checks

Every loan application must meet strict industry and regulatory standards from application through settlement. This means detailed checks on eligibility, documentation, and lending are of utmost importance for mortgage brokers.

Attempting to handle all these critical processes alone can strain any practice. Brokers usually work very late nights and all weekends, cutting into time that could be spent growing the business and or with needed family interaction time.

Meanwhile, each hour you spend on admin is an hour not spent on clients or strategy. Delegating non-core tasks to a Virtual Loans Assistant can immediately relieve this pressure.

Practical Delegation Strategies for Mortgage Brokers

1. Identify Delegateable Task

List every administrative step you handle when processing loans. Mark those that are repetitive or low-value for you. Start offloading procedural tasks (e.g., data entry, routine emails, chasing needed documents, long wait for BDMs’ reply, etc).

2. Document Your Workflow

Write down how each task should be done. Create checklists or SOPs. Our team recommends having an “identified process” for loan communications so everyone knows their role.

For instance, define exactly how a new file is set up or how a file should be documented in the CRM.  Create a Who Does, What, When File.

3. Select the Right Assistant

Choose a virtual assistant or agency that specializes in loan processing. Verify that candidates have relevant experience and skills.

Many mortgage brokers use services like Virtual Office Angels that pre-vet assistants so you don’t have to meticulously search, do interviews, qualify, do reference checking, appointing, inducting, etc.   This long and painstaking process of searching just the right potential candidate is very painful and time-consuming.  By appointing the right outsourcing VA company will save you the headache of sifting through unqualified applicants.

Identifying Trustworthy Virtual Assistants

When choosing a Virtual Loans Assistant, look for these qualifications:

• Previous Experience

Look for candidates who have worked on processing Australian loan files before. They should understand the end-to-end loan cycle and local regulations of the Australian Mortgage Industry. This expertise is very crucial. Hiring an inexperienced virtual assistant may result in missing nuances like eligibility criteria or documentation rules – and can be a total waste of time and money.

• Technical Skills

Your chosen virtual assistant should be proficient with your CRM and lending software. Confirm familiarity with systems like Connective, Mercury, or Symmetry,etc.. This will reduce onboarding time and allow your new hire to contribute to the team from day one.

• Attention to Detail

Mortgage processing requires precision and accuracy. Assess a candidate’s meticulousness by giving them sample tasks (e.g., formatting a loan document) or by checking their past work quality. The job’s stakes demand that they double-check every detail – especially if the VA is not detail oriented.

What Happens Next?

For mortgage brokers swamped by paperwork, delegating routine yet time consuming admin tasks to a highly skilled virtual loans assistant is a strategic move. It ensures accurate, compliant loan processing while freeing the broker to focus on clients and growing the business faster.

To explore this opportunity, contact Virtual Office Angels at 1-300-737-883 or [email protected]. Let’s discuss how a highly dedicated virtual assistant from Virtual Office Angels can support your brokerage services, lift the administrative burden, and more importantly, let you focus on what matters most.