Doing CeMAP enough to become Mortgage advisor?

computerbar

Hello
I have background in finance.
I would to start business as mortgage broker. I would appreciate if you can answer the following questions.

1- Could you please tell me which qualifications I need to be able to start work as a self employed mortgage advisor/broker?

2- Do you get special link to lenders computers to search for better mortgage deals for clients?
3- how you spent a normal day as an advisor in office i.e. what happens apart from Quoting mortgages?
4- What are the commission like i.e. fixed or % of quote?

Thanks

MortgageMamma

I think there should be a special website set up for trainee mortgage advisers......

dunstonh

and another one for those that fail 18 months later

Getting the exams is the easy bit. Getting in front of clients is where most fail and half of new advisers leave within 24 years, usually in debt, because they couldnt make a go of it.

You need to think through your business plan. How are you going to get clients. How much will you earn? What will be your conversion ratio? You also need to see what network you are going to attach yourself to as you wont be able to go directly authorised without experience. So, how much is that going to cost you and other things like software, client database, file keeping etc.

2- Do you get special link to lenders computers to search for better mortgage deals for clients?

Depends on your network and other individually negotiated deals. In your early days you are unlikely to be able to negotiate anything better than your network has got. You are running before you can walk with this question.

4- What are the commission like i.e. fixed or % of quote?

Depends if you are working on fees or commission or both. If commission, it can range from zero to 0.3% typically for clean cases. Some pay a fixed amount of say £175. It wont make you rich and you get a lot of work, lot of timewasters and a long drawn out process where someone may see you for a mortgage in January but doesnt find a property until March and then that doesnt go through until August and you dont get paid until it completes.

homer_j_3

if you read some recent posts -

1 You don't need qualifications, you just need to have some basic maths skills
2 We don't link our computers to non commission paying lenders
3 Our day is spent playing sudoku in between the 1 hour it takes to fully research and conclude our advice
4 Far too much for the level of work we do.

The 4x4 in MM pic is her school run car. She has the 911 for the weekend and the Audi for seeing clients.

If you want to get some more information computerbar, I am more than happy to answer any questions you have but I think the brokers on here have become very guilty of discussing our business on here in public - including myself.

homer_j_3

dunstonh wrote: »

and another one for those that fail 18 months later

Getting the exams is the easy bit. Getting in front of clients is where most fail and half of new advisers leave within 24 years, usually in debt, because they couldnt make a go of it.

24 years - dont tell me i have to last that long :eek: :rotfl:

dunstonh

homer, you forgot the requirement of having your office next to a Mcdonalds as mortgage advisers have to be fat.

but I think the brokers on here have become very guilty of discussing our business on here in public - including myself.

Yes. Whilst some of the threads have been between advisers, others have been to help people understand the remuneration so they can see how their adviser is going to work and the different ways they can do it. However, there have been a few posters that have turned nasty on threads where working methods and charges/remuneration have been discussed.

homer_j_3

i have set a booth up in the drive through, free happy meal with toy with every mortgage taken.

Scott

Drive-thru mortgage advice. Genius.

MortgageMamma

homer_j wrote: »

if you read some recent posts -

1 You don't need qualifications, you just need to have some basic maths skills
2 We don't link our computers to non commission paying lenders
3 Our day is spent playing sudoku in between the 1 hour it takes to fully research and conclude our advice
4 Far too much for the level of work we do.

The 4x4 in MM pic is her school run car. She has the 911 for the weekend and the Audi for seeing clients.

If you want to get some more information computerbar, I am more than happy to answer any questions you have but I think the brokers on here have become very guilty of discussing our business on here in public - including myself.

:rotfl:I've got a combine harvester as well.

kevinchapman82

computerbar wrote: »

Hello
I have background in finance.
I would to start business as mortgage broker. I would appreciate if you can answer the following questions.

1- Could you please tell me which qualifications I need to be able to start work as a self employed mortgage advisor/broker?

2- Do you get special link to lenders computers to search for better mortgage deals for clients?
3- how you spent a normal day as an advisor in office i.e. what happens apart from Quoting mortgages?
4- What are the commission like i.e. fixed or % of quote?

Thanks

I would recommend you join an established company, whether IFA or estate agent, let them pay for your training and exams. Work for them for a few years - use this time to get good at what you do, and make sure you are capable doing the job. Then set up on your own with a few years experience and some existing clients.

I know it sounds boring and it won't make you rich, but at least you won't end up bankrupt.

Kiernan809

If you want to go self employed you can begin without CeMAP - contact somebody like MortgageForce and they will sort out your authorisation, indemnity insurance, leads, sales and CeMAP training and help with your compliance.

You'd be looking at about £10k all in. Plus XXX until you're being paid. You can probably raise 40% of this through franchise finance packages in some of the big banks. Franchise finance is relatively easy to obtain (moreso than fully S/E) but you'll need a business plan.

You can also find - and I'm told this should be a prerequisite - companies that will pay you a salary in the early months if you join them on a self employed basis.


Although it has been noted by professor negative that you need people skills and they will play a much bigger part in your career within the advice industry.