Joining Mortgage Networks

RichardAllen

I have recently achieved a CeMAP qualification. Looking to start my own business as self employed sole trader. Anyone knows a good decent Mortgage Network for newly qualified advisors? There are many networks but it very confusing how much they charge and what are their requirements? Do they help in getting business?

[Deleted User]

They usually offer little real help in getting business. Their function is usually to:

• Provide a system for performing a fact find
• managing payments from insurance and mortgage companies
• checking your files for compliance
• tearing you a new one if you arent great at compliance
• providing a panel of lenders (not all networks are created equally here)
• providing general file quality support prior to case submission

They all pay different amounts of commission and offer different levels of support.

What are you doing at the moment? Do you have CAS? have you advised on mortgages in the past?

In general, most networks have websites where you can register your interest. You will probably then be bombarded by account managers on linkedin and email offering to have a chat.

If you dont even know who the networks are, google local mortgage advisors and check their websites. It should say what network they are a part of somewhere. If it doesnt they may have a non compliant website, or they may be DA

If you are new to industry and going self employed I hope you have very decent reserves as it will be a long time before you are making enough money to justify the horror of trying to keep up with 50-100 lenders changing requirements and all the compliance.

There is a reason most of us cut our teeth in estate agency envirnoments. Constant leads, good support, compliance support, team atmosphere so you dont cry when your case gets declined for no reason.

Good luck though!

amnblog

You don’t need to be focusing on finding a Network, you need to be focusing on where you can get some support and training and how you will find people to advise.

RichardAllen

Thanks @Deleted_User and @amnblog for your replies.

As I have recently passed CeMAP, I cannot provide advice. I have few customers but I believe I have to join a network so that I can start the advice process. I believe I have to become AR of any network to start this business.

I have checked with few big networks and all are saying that they do not accept someone who does not have CAS. I dont.

So far only Ingard Financials have accepted to take me as their AR. Do you know this Ingard? Any comments? I have searched them online. I didnt find any good reviews. Any one knows them?

ACG

Have a look for Gary @ Which Network online, he tends to be good at helping new starters. But yes I would avoid ingard unless you literally have no alternative.

If you have potential customers you might be able to find a DA firm to take you on and train you up. You are going to be learning everyday for about 12 months (if not 12 years!) once you actually start. The exams are worthless in the real world. You now need to understand being compliant, how to research, terminology, a decline is not always a decline, fitting criteria is not always an accept, which lenders are easy, which are a PITA, lenders quirks etc.

Without wanting to sound rude (we have all been there) but you are going to be a thorn in someones side for 6-12 months. I have a trainee at the minute and she is actually very good, but as her supervisor, I have so much extra stuff to do.

So you are going to struggle to get that first step (I did too) but once you have it you are laughing.