The Broker Blues Thread

kingstreet

When I was trained to do this job, I learned to "consolidate."

That means at the end, you finish off by explaining what is going to happen next and when.

I used to tell people it will go quiet for the next week to ten days and a few days after that we will expect your mortgage offer to be issued.

Judging from the threads on here, consolidation isn't being done any more, or people aren't prepared to wait for their applications to be processed.

They seem to want every detail and the ins and outs of every lender's procedures. Is it just a symptom of the time and age creeping up on me...?

FWIW our clients are nowhere near as demanding as some of the threads here, so I suspect poor consolidation is the likely cause.

amnblog

Mkl79 wrote: »

Hi
I am thinking of doing CeMap's and working towards becoming an independant broker but will obviously need some on the job experience,once qualified,with a company/brokerage first,the problem i have is my credit history is not perfect,no bankruptcy or ccj's but i am in a debt management plan the root of which was overstretching myself on a mortgage pre credit crunch. Would this be a minor stumbling block or a major hurdle,or even a complete non starter?
Any advice would be welcome,and apologies if this is the wrong place to ask.

To paraphrase Groucho Marx - you wouldn't want to work with a brokerage who would take on someone with your background history.


Blunt, but there it is.

amnblog

kingstreet wrote: »

When I was trained to do this job, I learned to "consolidate."

That means at the end, you finish off by explaining what is going to happen next and when.

I used to tell people it will go quiet for the next week to ten days and a few days after that we will expect your mortgage offer to be issued.

Judging from the threads on here, consolidation isn't being done any more, or people aren't prepared to wait for their applications to be processed.

They seem to want every detail and the ins and outs of every lender's procedures. Is it just a symptom of the time and age creeping up on me...?

FWIW our clients are nowhere near as demanding as some of the threads here, so I suspect poor consolidation is the likely cause.

Posters here are not being 'managed' through the process by the likes of you and I KS.


My view is, if they need to call me to find out what is going on, I have made a mistake.

kingstreet

amnblog wrote: »

Posters here are not being 'managed' through the process by the likes of you and I KS.

My view is, if they need to call me to find out what is going on, I have made a mistake.

True.

As people make speculative applications to lenders without really knowing if they will be successful, I guess they think brokers do the same and that's the reason for the uncertainty on the broker case threads.

We only submit to the lender when we're as close to certain as we can possibly be that the case fits the lender's criteria in all respects and we have, at the point of submission, everything usually required.

ACG

When I first became a broker in 2012, my network at the time gave me a 2 day IT system training session and some tests on fraud etc.

I was then told I was free to go and advise and someone would check my files.

I basically had to wing my first few appointments and learnt as I went along. In one sense it was good as I knew I did not have a clue and just had to learn from everything (rather than going in there thinking I knew it all). I began to pick up that people were asking about what happens next and timeframes and so started to incorporate that in to the factfind meeting.

I can believe it happens as I have been guilty of doing it myself and with nobody to really show me the ropes I basically had to learn everything myself. I suppose there is nothing like being thrown in at the deep end.

Thrugelmir

ACG wrote: »

I can believe it happens as I have been guilty of doing it myself and with nobody to really show me the ropes I basically had to learn everything myself. I suppose there is nothing like being thrown in at the deep end.

Doesn't that sum up working life? You just get on with the job in hand. You learn from the people you encounter, the good, the bad and the ugly. Progressively evolving a unique style for oneself. I remember being called into the big bossess office when I was 20 and being asked if I'd fly up to Aberdeen on Monday morning to conduct the branch audit there. As the internal auditor had broken his leg playing football the previous night. Did such a good job I remained in role for the next 18 months.

kingstreet

!!!!!! is going on?

Tonight I've twice been emailed a grinning image of Top Cat by clients who had Halifax offers in early August who are now asking if they can have the FTB £1,000 cashback instead of the £500 from their last offer.

These two cases are already on their second product, the builder having missed the drawdown deadline, so this will be our third offer, KFI, RWL etc.

Done on no fee and with a gross proc fee of £453 any profit we might have made on such a case is long spent on additional sourcing, admin/compliance work.

amnblog

We have a re work fee in our terms to cover us if we need to use our time making changes to agreed deals.

kingstreet

amnblog wrote: »

We have a re work fee in our terms to cover us if we need to use our time making changes to agreed deals.

One of our major builders offered us a new additional site in a prime location in return for us waiving the fees they used to pay, £250 per case.

In some cases, their inability to honour a build end-date is resulting in us losing money on the actual mortgage.

It was just weird being sent the same Halifax advert on the same day though. It's as if Halifax has set out to increase its costs by £500 a case.

kingstreet

Esta noche es clase de Espanol de semana uno.

Me llamo Juan. Soy de Inglaterra. Me gusta Espana y estoy estudiando Espanol

Hasta manana amigos!