Career as a mortgage broker

Rcmortgages

Hi,

For the past few years I have been a BDM at a high street bank in the mortgage intermediary department so I have an excellent knowledge of the mortgage market. I am currently completing my CEMAP and I love the idea of going self employed whether as a DA or an AR through a network. The majority of brokers I speak too are self-employed either as a DA or an AR.

I know I need a more extensive knowledge of the mortgage market especially on the complexity of compliance. So I plan on getting a job at an EA as a mortgage broker whilst completing my CAS. Do you believe this is a viable route into the industry?

Also in relation to clients if I do go self-employed how difficult are they to obtain? I do understand the importance of good marketing but I also know that the majority of clients are referrals. I would also complete the module in equity release to broaden my skill set.

Any help in this lucrative and expansive market would be much appreciated.

MovingForwards

https://forums.moneysavingexpert.com/discussion/6017139/career-as-an-ar-mortgage-broker

You already have one thread going...

amnblog

Lucrative and Expansive market are not adjectives I would use, but there we go.

To become a Broker think about where you are and where you need to be:

Now

used to dealing with borrowers, know industry terms and basics, understand one set of products and criteria

Next

Need to understand criteria and products across the market

Need to learn how to generate business

The EA route is a sensible one for that.

Final destination

Being self employed is about a lot more than skills and knowledge of a Broker and you should probably get some experience as a working broker before you can decide if it is right for you.

[Deleted User]

Everyone trashes EA brokers but I would say that it is a good place to start to learn the job. You get appointments put in front of you, compliance support, regular reviews, help from colleagues when you cant place a case.
In the grand scheme of things the majority of EA based brokers are honest workers trying to help people. It tends to be the overtargetting of the EA for lead generation where the issues come from.

moving from a bank bdm to a self employed completely independant broker is probably only going to end up with you not earning enough money to justify the stress that the first few years brings.

I started as EA based and moved around a few, some are better than others. It built my knowledge and i could make mistakes knowing that there was a system in place to catch things.

Going out on your own is a big step, few people i know have regretted it but everyone cuts their teeth in EA based before going out. It is also salaried to account for lower commission levels but when you are brand new with no pipeline a salary is pretty useful

Rcmortgages

Thank you for your response though I was advised to post it elsewhere.