FAO of Brokers

Slayerx

I currently work in a conveyancing firm and I'm looking at my options of either going through the training school to be come a conveyancer but I've been thinking lately of how I would like to explore the avenue of been a mortgage broker.

So could the people who are Brokers shed some light on how someone would get started and whats really involved in your job role?

Thanks

Shawn.

MortgageMamma

Hello Shawn

Well to become a broker it is necessary to take an exam called CEMAP (certificate of mortgage advice practice) it is a three stage exam and self study. The also is an alternative to this exam called MAQ (Ithink) to learn about these exams go to the following websites http://www.ifslearning.com/home/default.cfm or http://www.cii.co.uk/cii.aspx

The job itself is rewarding and challenging, it can be difficult when you first start out so its best getting training on an employed basis in a bank for a couple of years.

The worst part of the job is the amount of paperwork that goes with it, and that you don't get paid until someones mortgage completes, and you can never bank on when it will complete!

Slayerx

Thanks for a quick reply, I hope the experience I gain at Hammonds Direct will help if I do go down this route with me finding work.

MortgageMamma

Slayerx wrote:

Thanks for a quick reply, I hope the experience I gain at Hammonds Direct will help if I do go down this route with me finding work.

It may help you a little, but conveyancing is a totally different ball game to being a mortgage broker. Very few people who start out as mortgage brokers cut it, it can be a tough game to get into, but if you are persistent and willing to keep learning all the time you should be fine. a lso you have to have good people skills as you come across people from all walks of life. You have to be able to be non judgemental in your approach and treat them all fairly.

The exams are just the beginning, its when you start doing the job the real learning starts!

MM

Slayerx

Thanks again, you have been most helpful I'll be reading up on this over the weekend. I should find out within a few months If I will be going for conveyancer at Hammonds and If I dont get the promotion then this could be my next step.

dunstonh

I cannot remember the figures but there were some published a couple of months back that showed a really high percentage of mortgage advisers quit in their first year.

It isnt as easy as most think and most of those who couldnt make it did not generate enough business to be profitable. Getting attached to a bank or building society or existing firm is the best approach.

Slayerx

Hmm I use to work for Natwest and so I don't think I would have an issue getting a job maybe branch based with them due to my experience.

MortgageMamma

Slayerx wrote:

Hmm I use to work for Natwest and so I don't think I would have an issue getting a job maybe branch based with them due to my experience.

Go for it, in my first year I wallowed in self pity during the lows (which I enjoyed doing being female) spent like crazy during the highs (again, female)
and panicked like hell if I got an extremely difficult case. But, with support (which luckily I had from other broker friends) you can do it, you will know by how your clients react to you if you are any good, but persistence, stubborness and sheer willfulness are the main qualities you need (pity you are not female!)

Good luck

MM

dunstonh

Good thing about the banks is that generally their training is very good. They pay for it, get you through the exams and let you make all the mistakes on their customers whilst you are learning with no financial liability on yourself. The real learning comes after the exams and that can take some time.

Once you get to the stage you realise that bank products are generally poor value for money and their salesforce targetting is getting on your nerves, that is the time to look at whole of market and as you have experience and qualifications, you will be more attractive as a proprosition to whole of market firms. Its also that point you start taking on responsibility for the advice you give.

MortgageMamma

Or, alternatively you could do it the way I did, skip the bank training and just get stuck in. So long as you do EVERYTHING by the book you have nothing to worry about. Regulation is tight, and there's certain do's and don'ts, but don't be led to believe that regulation is rocket science, or anything to be worried about, a good supportive employer with a decent compliance officer/department is all you need, along with the abililty never to assume anything and always ask if you are unsure - an employer will think more of you not less in this respect. You need to be sharp and have balls to do it this way, but I am living proof its possible!

Good luck whichever route you choose.

MM