Becoming a Mortgage Adviser

ryan86uk

Hi,

As some of you may already know, having viewed my previous posts, I am working abroad and I'm really tempted to come back home to work. Going with the advise I have been given by others on here and family and friends I have decided to stay here, purely for the financial benefit.

Seeing has I have been using this site for a few months, coupled with a keen interest in mortgages anyway, I'm looking at perusing a career in the Mortgage Advise sector.

I have done a bit of research into the role and I think I would very much enjoy it. I am fully aware that there is no doubt a big pool of qualified CeMAP personnel trying to get work, which is why I'm posting this message.

What can I do to secure a job as a mortgage advisor? Would I be right in thinking CeMAP is a good place to start? Progressing onto DipMAP? How can I improve my chances of getting a job as a mortgage advisor without trade experience? I have time on my side and enough free time to do any courses that would be beneficial to me. The only down side is that I'm away from the UK and thus can't attend exams/courses at short notice etc.

How can I get experience? Volunteer work?

Your advise and thoughts are most welcome.

kinds regards

Ryan

Wh05apk

Stupid boy!!

Why would anyone want to be a mortgage advisor????


Seriously, I love it, the investement side bores me, however mortgages, you are helping people make their dreams come true, however currently it is very hard work for a low income.

To get started, most of us have probably come up through banking, getting experiene/training/qualifications through them, you will probably find it hard coming in from a standing start without some background.

magpiecottage

CeMAP is done online through Pearson Vue testing centres so it may be possible to do so at one of their overseas sites - you would have to contact the IFS School of Finance.

For now, CeMAP is sufficient. There is also an Advanced CeMAP which covers treating customers fairly and two other modules which can be selected by the candidate. One of these options is equity release which cannot be done without such a qualification.

But if you are going to try then get CeMAP first and then think about what you will want to do.

koexelek

Wh05apk wrote: »

Stupid boy!!

Why would anyone want to be a mortgage advisor????

Selling old Betamax video films door to door might be easier in the current market :eek::o

dunstonh

I'm looking at perusing a career in the Mortgage Advise sector.

Possibly the worst time to be considering becoming a mortgage adviser. With up to 1/3rd of current IFAs and FAs dropping full authorisations to become mortgage and life only, there will be a glut of mortgage advisers in a sector that already has too many at a time when mortgage lending levels are low.

ryan86uk

magpiecottage wrote: »

CeMAP is done online through Pearson Vue testing centres so it may be possible to do so at one of their overseas sites - you would have to contact the IFS School of Finance.

For now, CeMAP is sufficient. There is also an Advanced CeMAP which covers treating customers fairly and two other modules which can be selected by the candidate. One of these options is equity release which cannot be done without such a qualification.

But if you are going to try then get CeMAP first and then think about what you will want to do.

Thanks for you reply. What is the best way of acquiring CeMAP? I did google it and was bombarded with companies offering courses etc etc. Is it possible to order material from IFS and book my own tests?

regards

ryan86uk

Wh05apk wrote: »

Stupid boy!!

Why would anyone want to be a mortgage advisor????


Seriously, I love it, the investement side bores me, however mortgages, you are helping people make their dreams come true, however currently it is very hard work for a low income.

To get started, most of us have probably come up through banking, getting experiene/training/qualifications through them, you will probably find it hard coming in from a standing start without some background.

Thanks for you reply.

Any ideas how I could get in from standing start, other than volunteering and hoping to get offered a position?

catieeb06

I got into it through working in banking call centres. I then had an out of the blue conversation from someone offering to pay for my training if I came and worked for him as a mortgage advisor.

Basically, what I am trying to say is get some financial experience under your belt in anyway that you can. Call centres did it for me but they're not for everyone.

Conrad

ryan86uk wrote: »

Hi,


I have done a bit of research into the role and I think I would very much enjoy it.

I just wanted to point out Ryan that above all it's a sales role. Think of that BBC TV show, 'The Apprentice'. You need to be the sort of person that can self generate business, network etc. This is the reason the failure rate is so high compared to other sectors. A lot people come into saying idealistic things like 'if I give great service and advice, that will see me through', but it isn't that simple.

A good broker is a latteral thinker. Anyone can arrange a simple mortgage, but thats not why people need a broker. Good brokers are the ones that can take a complex scenario and find a solution for the client, and to be frank this skill cannot be learned, it's something you are born with.

EXAMPLE > New potential client came to me - Dad, Mum and 2 adult sons. Dad had tried to remo his house with Abbey and been declined despite being a low loan to value, and the whole family jointly owning £4m worth of propertincluding shops and houses.
Dad was 73. Money was to buy a freehold commercial property.
Most resi lenders wont allow borroing on a resi property if funds are for business use.
Buy to let was not an option on this one. The commercial properties were HMO's meaning most lenders wont lend on them.

Anyway, it's way more complex than I can describe here but it earned me a lot of money but was a very rocky and unpredictable ride. Now other brokers had told these people it was an impossible deal to do. A case like this I will just sit and look at for days on paper to find a LEGAL way of solving. This is what you need to do if you want to make a high income.



Even through the recssion it is possible to make £150k pa personal income, but plenty make far, far less.

You need to be very hungry - not the sort of person who deals with things in a slow manner, not the sort who loves going to industry meetings. I know a broker who is not very effective because he does things like 'gets around' to a DIP 4 days after the client enquired, because he is seeing other clients and going to poxy breakfast meetings. A good broker would be onto that client in a flash no matter what, and get that DIP done within the hour.

You need to be very diplomatic too. No good telling a client 'the lender turned you down' as this will make them panic and find another way forward online. Instead you would say 'the current lender is looking a little shakey but I have lined up an alternative that looks very promosing'. It's not about lying, but just being careful with language. A bit like a school teacher maybe wanting to tell the parent thier kid is awful but instead prefacing any negative feedback with a positive first.

Make no mistake the stress is immense - forever living on your nerves as you try and mentally deal with the fact 5 cases may be about to be declined after months of stress for you and the clients.

Also the insurance side is stresful - you will do tons of work on a mortgage and life policy only for the cleint to cancel it and you suffer a commsion claw back. Aagin if you are canny there are ways of avoiding this - for example 'I can solve your lending scenario but it will cost 'x' , but this can be discounted if you take and keep a life and critical illness policy'. To ensure they maintain the policy and keep to thier promise you have them sign a 4 year tie in - not many brokers know of these though. If you are part of a network it is often imposible to use such tools.

This is not an industry I would encourage my kids to join one day. Far far better sectors to wrok in. Honestly, so many old timers in this business end up with cancer and heart problems. I'm sure it's the stress.

Apart from that it's great,,,,,,,,,:rotfl:

dunstonh

Honestly, so many old timers in this business end up with cancer and heart problems. I'm sure it's the stress.

It is one where the old 80/20 rule applies. 20% do 80% of the business. If you are in that 20% then it is a very financially rewarding career. If you are in the 80% then it gets progressively harder and more stressful. Another stat from some years back was that over half of new advisers fail within 2 years of starting and leave the industry. Usually with debt and stress. Most common reason for failure is lack of people to see.

As an employer myself, I wouldn't touch a new recruit at this time. There are too many IFAs with client banks and trail/renewals (as well as complaints history and compliance records to check) dropping down to mortgage advisers and they are far more attractive as an employer.

betmunch

Why are fully qualified IFA's dropping their authorisations to concentrate on Mortgages and Protection?

I thought there was more money in pensions and investments.

Sorry to go off topic, but I am curious!!