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Why become a mortgage broker

edited 30 November -1 at 12:00AM in Mortgages & Endowments
167 replies 9.1K views
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Replies

  • joek wrote: »
    So you want to become an Independent Financial Adviser

    Maybe, I just want to make sure I am up to date right now as one never knows what the future could bring. Maybe I will go and specialise as well afterwards.
    joek wrote: »
    What made you become a mortgage broker then?
    The flexibility of the working hours. But currently I am actually a tied adviser working for a major bank. That is very difficult coming from a broker background. We are actually tied down to just the banks products.
    joek wrote: »
    What was the attraction?
    The money as It is more than what I earned before and i like helping and advising.

    joek wrote: »
    It certainly adds transparency
    For whom? The only good thing was the CIDD and the KFI and yet still I see people who are not lead through it and I find that disgusting. Like the client who was told he is on a 2 yr fixed rate and thought they can remortgage now but are now actually having to buy themselves out as yes, they were on a 2 yr fixed but actually further tied in for another 5 yrs on a SVR. That is so disgusting. And the fixed rate was not even that good either.
    joek wrote: »
    Another adviser that places admin last
    I am not too sure what you mean by that comment.

    joek wrote: »
    Who's fees?
    The lenders fees of course. I have never seen so much compliance as when I joined the bank. Its a huge bad paper tiger.
    I think a lot of brokerages will go bust or will be shut down if they do not comply. The small brokerages will turn into big national ones where they will no longer be the local one stop shop. Plus they will start to charge fees including the proc fees they get. In New Zealand the lenders are cutting their proc fees by 50% or more currently. The brokers are up in arms. the same will happen here eventually. Just wait and see. the minute the lenders realise they can get away with it and can cut costs to increase their profits.......
    joek wrote: »
    JoeK
  • I was a paraplanner for a firm of IFA's for 5 years always been fascinated with the mechanics of products. I do like noseying into peoples lives and I do get satisfaction (especially FTBS)
    Wow MortgageMamma, it took you 5 years to find out that you hated admin.
    I think I like the relationships with my clients the most, I just don;t like doing formal 20 page fact finds I'd rather scribble it all down on a4 lined paper!

    Formal 20 page factfinds are not necessary as it's a network thing. The FSA require us mortgage advisers to known our clients, only.

    I find it absolutely fascinating to find out the varying cross section of mortgage advisers like different parts of the advisers job.

    From a quick overview so far, all hate admin or put it at the back of the list

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • I think a lot of brokerages will go bust or will be shut down if they do not comply. The small brokerages will turn into big national ones where they will no longer be the local one stop shop. Plus they will start to charge fees including the proc fees they get. In New Zealand the lenders are cutting their proc fees by 50% or more currently. The brokers are up in arms. the same will happen here eventually. Just wait and see. the minute the lenders realise they can get away with it and can cut costs to increase their profits.......

    Now that's an interesting view point!

    Will that mean that we will all have to learn to sell a broker fee?

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • probably....lol
  • jamesdjamesd Forumite
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    Brokers might just need to think of themselves as local consumer travel agents ten years ago... before the computerised web systems came in and ripped out much of the market and commission from under them. I don't see much long-term future for the lower end of the mortgage broker business.
  • MadjockMadjock Forumite
    744 posts
    joek wrote: »
    Now that's in the eyes of the beholder.

    Seriously though. It's a known fact that a good sales person is usually cr*p at admin and a good administrator is cr*p at selling. The job of a mortgage broker is heavily biased toward admin, when in reality a good mortgage broker sales person is worth £300 per hour.

    Should we have three admin people supporting on mortgage broker?

    JoeK


    You are dead wrong about good administrators being cr*p at sales. Mortgage advisors are generally poor at admin, but the administrators who back them up (if they are lucky enough to have them!) sell the company and sell the advisor ALL THE TIME. When advisors don't call clients back, when advisors make mistakes with products/applications, when cases drag on and clients get fed up, who do you think sorts all this out?

    The administrator does.
  • MortgageMammaMortgageMamma Forumite
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    Madjock wrote: »
    You are dead wrong about good administrators being cr*p at sales. Mortgage advisors are generally poor at admin, but the administrators who back them up (if they are lucky enough to have them!) sell the company and sell the advisor ALL THE TIME. When advisors don't call clients back, when advisors make mistakes with products/applications, when cases drag on and clients get fed up, who do you think sorts all this out?

    The administrator does.


    Very very good point madjock - I've never worked in a role where I have had admin support so I dont know what its like to have that back up but I'd love to find out. I have however worked as a senior technical support at a big life office for 4 years where I looked after their two top producing broker consultants and I can identify with clearing up their mess and lying for them all the time but I had a great relationship with them and it was a very very rewarding job, one of them actually asked me to move to bristol with him (from manchester) when he set up his own IFA practic - hubby at the time didt want to go or I would have. I miss working in a team enviroment sometimes - I probably wouldnt spend as much time on this site if there was someone else working with me
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Madjock wrote: »
    You are dead wrong about good administrators being cr*p at sales. Mortgage advisors are generally poor at admin, but the administrators who back them up (if they are lucky enough to have them!) sell the company and sell the advisor ALL THE TIME. When advisors don't call clients back, when advisors make mistakes with products/applications, when cases drag on and clients get fed up, who do you think sorts all this out?

    The administrator does.

    An excellent point.

    My point was at the point of sale.
    Maybe I failed to explain what I meant.
    I mean salesmanship.

    Yes a good product will sell itself but who explains the benefits to the client and how it fits into their circumstances.

    As a mortgage broker trainer, I would like to share a few pointers with you all and welcome your comments and feedback.

    Preperation
    Have a weeks supply of 1st appointment literature always printed down and sperated in an individual client file.

    Example:
    * Initial Enquiry Sheet (for those that receive or generate telephone enquiries)

    * Appointment Sheet (for those that have an appointment made for them)

    * Combined Initial Disclosure Document (CIDD)

    * Factfind

    For those attending appointments in client’s houses, write to the client confirming the appointment and ask them to have the following documents at hand ready for your arrival.

    For those on telephone sales, the same situation can be used by booking a second, call back appointment.

    1) Mortgage Details
    2) Loan Details
    3) Credit Card Details
    4) Details of Insurances

    After successfully completing the documentation and on return to the office, you instruct your administrator what to research and what documents that you want prepared for the second appointment and pick up your first appointment file and attend your next first appointment.

    Does your preparation differ from this?

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • jamesd wrote: »
    Brokers might just need to think of themselves as local consumer travel agents ten years ago... before the computerised web systems came in and ripped out much of the market and commission from under them. I don't see much long-term future for the lower end of the mortgage broker business.

    Now that's an interesting viewpoint.

    Does that mean that as procuration fees will be squeezed by lenders, we will see the death of the 'no fees' mortgage broker?

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • MortgageMammaMortgageMamma Forumite
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    Mine is totally different as I do everything over the phone and internet so I probably should stay out of this bit of the discussion. I do so few face to face appointments I dont really have a routine as such except to make sure I look good and have a briefcase full or stuff I need. For example I keep 4/5 factfinds IDD's/TOBS in there all the time
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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