A mortgage broker policy and procedures template should explain who does each task, what evidence they keep and when a matter must be escalated. The finished manual needs to match the brokerage’s licence or credit representative arrangements, staff roles and actual systems.
Use the template as a working structure, then have the responsible compliance adviser review it. A document that does not reflect daily practice will not help staff or demonstrate control.
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Define Ownership And Version Control
Name the policy owner, approver and review date. Record how staff receive updates and where the current version is stored. Each mortgage broker should know which decisions they can make and which require approval.
Client And Loan Workflow
- Client identification, consent and fact finding
- Needs analysis, research and recommendation records
- Application packaging and lender communication
- Approval, settlement and post-settlement follow-up
- Complaints, incidents and document retention
Write each step so a trained colleague can follow it. Consistent records show which checks were completed and let another broker continue the file without repeating work. A clear record can build trust when the client asks what has been checked. The Loan processing section should state required documents and quality checks. The underwriting section should explain how staff test lender policy without promising approval.
Compliance And Information Security
Include current procedures for responsible lending, best interests duties, privacy, conflicts and record keeping. Separate AML obligations from Know Your Customer checks so staff understand the purpose of each control.
State approved systems, access levels, breach reporting and secure disposal rules. Review data protection controls after a system change or incident, not only on the annual review date.
