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  • AndyWallace
    Nice one Andy.

    Would that not depend on the volumes of business that's generated by the mortgage adviser?

    One person dealing with let's say 5 x 2 = 10 mortgage sales and 20 associated insurance sales per week could be swamped with work if this includes looking after existing cases as well.

    JoeK
    Originally posted by JoeK
    They'd be very busy with these volumes of course.

    I wouldn't expect any adviser to be signing 10 mortgages and 20 insurance sales a week though.

    Personally, I don't believe it's good practice for an adviser to sit more than 1 first appointment per day - 5 a week. I've always preferred face to face and so encourage that here - though we are doing more and more telephone based enquiries now.

    From 4/5 appointments I'd expect 3 sales and the adviser would be responsible for ensuring all compliant documentation is in place prior to handing in the deal.

    The administrator will file and submit to lender / provider. Chase confirmation of receipt etc and liaise as necessary. Once offer / terms are accepted there's little more to do other than the odd call to client etc.

    We use MortgageStream and have all letters templated etc so no loss of time in that respect. We don't have 5 advisers either - only 2 - and 1 part time administrator. I do some admin myself.

    If all I did was administrate the mortgage and insurance applications, I'd feel comfortable with 5 advisers. The last company I worked for had 2 administrators and 25 advisers.

    It again goes back to systems and strategy.

    Andy.
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 11:17 AM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    Reason why i became a mortgage adviser:

    Spent a number of years as a 'proper' Financial Adviser. Was actually better and more interested in the mortgage and protection side of things (actually only started in mortgages as they were a good way into the protection market). A partner for the firm I worked for at the time took me to one side and said

    "Do you realise that we have to pay all these fees for you to have full authorisation but you only do a handful of investment cases a year and a few small pensions. As for the last time you did anything to do with IHT..... Whay about saving us a bit and going Mortgage & Protection only and I will bump up your fee share and pass you some mortgage cases myself."

    Once I got over my own ego (a mortgage adviser is a poor relation), I realised that he was giving me some good advice and have not looked back since.

    The reason other people become mortgage advisers:

    1. ex (soon to be ex) IFA s for the same reasons as me above and cost of regulation

    2. We have experienced a property boom. every man and his dog thinks there is easy money in property and those that have invested think their mortgage broker has an easy life for easy money. Pretty much the same reason loads of people wanted to become day traders during the tech boom. What they don't realise is that a downturn in market conditions will mean a lot more work for mortgage advisers, but only those who have fostered a loyal client base and actually have experience of thinking outside the box. Just as many new estate agents will go under if there is a bust, there will be a number of fairweather mortgage advisers who will disappear when then realise that the factory line approach to advice is good in properous times, but may not have built the client relationship needed to retain them when things are hard.

    As for proc fees in New Zealand, IIRC there has alsways been a tradition of lenders paying to 1 to 1.5% for prime (as in Australia) so even a 50% cut would still put them above us.

    The admin side

    I have nearly always had admin support, have sent every customer a care questionnaire after completion seeking feedback and have noticed that the administrator's rating is nearly always the same as the adviser's - one of them screws up and the other goes down as well.

    I am interviewing an administrator tommorow and an Adviser on Monday so any thoughts on sure fire winner questions that will help avoid employing a muppet would be good.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • JoeK
    They'd be very busy with these volumes of course.

    I wouldn't expect any adviser to be signing 10 mortgages and 20 insurance sales a week though.

    Personally, I don't believe it's good practice for an adviser to sit more than 1 first appointment per day - 5 a week. I've always preferred face to face and so encourage that here - though we are doing more and more telephone based enquiries now.

    From 4/5 appointments I'd expect 3 sales and the adviser would be responsible for ensuring all compliant documentation is in place prior to handing in the deal.

    The administrator will file and submit to lender / provider. Chase confirmation of receipt etc and liaise as necessary. Once offer / terms are accepted there's little more to do other than the odd call to client etc.

    We use MortgageStream and have all letters templated etc so no loss of time in that respect. We don't have 5 advisers either - only 2 - and 1 part time administrator. I do some admin myself.

    If all I did was administrate the mortgage and insurance applications, I'd feel comfortable with 5 advisers. The last company I worked for had 2 administrators and 25 advisers.

    It again goes back to systems and strategy.

    Andy.
    Originally posted by AndyWallace
    Nice feedback Andy.

    Your ratios are both realistic and workable.

    Are you using MortgageStream to it's full capabilities by submitting electronically where possible?

    JoeK
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 11:35 AM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    I also use mortgagestream and while I think it brilliant (they actually use me as a testimonial) it still has to be used correctly to make the best use of it. ie ensuring all autoreminders etc are used and that it is fully integrated into your process.

    I am still amazed that some of my ex collegues and competitors do not realise the importance of a proper system in place. They are very likely to lose in any battle for customer service and retention with me as the system ensures I don't forget anyone or any of their details.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • homer_j
    kenshaz, i have pm'd you re your comments. I didnt want to take this thread off topic.
    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.
  • AndyWallace
    Nice feedback Andy.

    Your ratios are both realistic and workable.

    Are you using MortgageStream to it's full capabilities by submitting electronically where possible?

    JoeK
    Originally posted by JoeK
    No. We import and export to and from sourcing only.
  • JoeK
    No. We import and export to and from sourcing only.
    Originally posted by AndyWallace
    Sorry Andy, my question was misplaced.

    I know that the import and exportation of data is a feature of MortgageStream but after you have imported the information to say, Trigold, Mortgage 2000, Mortgagebrain, from MortgageStream do you then submit electronically if possible in all cases?

    JoeK
  • AndyWallace
    Sorry Andy, my question was misplaced.

    I know that the import and exportation of data is a feature of MortgageStream but after you have imported the information to say, Trigold, Mortgage 2000, Mortgagebrain, from MortgageStream do you then submit electronically if possible in all cases?

    JoeK
    Originally posted by JoeK
    No. We prefer to use our own fact find so we basically just export the lead to sourcing, and import a recommendation / kfi back. Convert this to a case when instructed. The actual application is done either by hand or lender direct.

    It's not particularly because we're behind the times or anything - I find that when you complete a Trigold FF for example and then source - you are presented limited results which can often be bettered. Trigold's good for its filters but tries to be too intelligent at times.

    Good old fashioned manual sourcing from 'unfiltered' results ensures you're not missing the best deals.

    Andy.
  • JoeK
    No. We prefer to use our own fact find so we basically just export the lead to sourcing, and import a recommendation / kfi back. Convert this to a case when instructed. The actual application is done either by hand or lender direct.

    It's not particularly because we're behind the times or anything - I find that when you complete a Trigold FF for example and then source - you are presented limited results which can often be bettered. Trigold's good for its filters but tries to be too intelligent at times.

    Good old fashioned manual sourcing from 'unfiltered' results ensures you're not missing the best deals.

    Andy.
    Originally posted by AndyWallace
    Andy, you have just hit the nail on the head.

    Mortgage 2000 is far more accurate than Trigold and for this reason we are moving our whole operation to Mortgage 2000.

    We have been conducting trials and test now for six months and are convinved that this is the way forward.

    A recent adverse case was researched on Trigold and 140 potential lenders came up but only 20 would accept the client.

    The same information was put into Mortgage 2000 and only 20 appeared. On checking all the twenty lenders would accept the client.

    So, from 30 April 2007, it's goodbye Trigold and hello Mortgage 2000.

    This is becoming interesting.

    JoeK
  • homer_j
    Could I tag onto this thread where you feel the future of mortgage advising lies.

    Will it be more office based, home visits or will more people take to it over the internet/phone on a distance type arrangement. Maybe the mix will still continue.

    I work in an Estate Agents with a pretty decent size panel of about 40 lenders but I can't help feeling that EA's will become more redundant in future with more and more people looking for houses on the internet.

    What do you think the industry will look like in say the next 3,5,10+ years.
    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.
  • kenshaz
    kenshaz, i have pm'd you re your comments. I didnt want to take this thread off topic.
    Originally posted by homer_j
    Appreciated .I am glad that we have been able to open a communication link.I hope that I have not been undiplomatic,please do not take my PM to heart it was written from the heart and said with good cheer.
    Ken
    Last edited by kenshaz; 22-04-2007 at 12:55 PM.
    To be happy you need to make someone happy.

    • dunstonh
    • By dunstonh 22nd Apr 07, 12:45 PM
    • 98,579 Posts
    • 67,061 Thanks
    dunstonh
    and it put me off to be fair as I felt like (and this is said with no disrespect to FA's or IFA's) a jack of all trades and master of none. That really didn't float my boat as such and I felt that my age worked against me too sometimes.
    I agree with you. It's why I do not transact mortgages or commercial business but stick purely with investment business. I do general as well but you dont need much of a braincell to do protection and household.

    That said, I have the luxury of being able to do that as investment business falls on my lap every day without me needing to move from my desk. That "lucky" position allows me to speclialise and offer low cost terms. Someone starting out or not being able to get in the same position may have to do everything to survive.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • AndyWallace
    Andy, you have just hit the nail on the head.

    Mortgage 2000 is far more accurate than Trigold and for this reason we are moving our whole operation to Mortgage 2000.

    We have been conducting trials and test now for six months and are convinved that this is the way forward.

    A recent adverse case was researched on Trigold and 140 potential lenders came up but only 20 would accept the client.

    The same information was put into Mortgage 2000 and only 20 appeared. On checking all the twenty lenders would accept the client.

    So, from 30 April 2007, it's goodbye Trigold and hello Mortgage 2000.

    This is becoming interesting.

    JoeK
    Originally posted by JoeK
    I've not seen M2000 for some years now, so maybe it's worth a look. Used to use it at my old place.
  • Mr helpful


    Andy I know that you have a sense of humour I pulled this from the site of a mutual friend of ours ,it was only a google away,I did not forget the ''
    Originally posted by kenshaz
    Dear Kenshaz and others
    This has been pulled from the website of Maurice Ball and then taken out of context. unfortunately I am not Maurice Ball and Maurice Ball is not a member of this forum. Therefore you are slandering someone you do not know. I am reporting Kenshaz for that post and Martin may well be getting legal action against this site.
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
  • AndyWallace
    Dear Kenshaz and others
    This has been pulled from the website of Maurice Ball and then taken out of context. unfortunately I am not Maurice Ball and Maurice Ball is not a member of this forum. Therefore you are slandering someone you do not know. I am reporting Kenshaz for that post and Martin may well be getting legal action against this site.
    Originally posted by Mr helpful
    Funny though!

    You can't take away the humour from this site and I don't believe any malice was intended. The fact that it was taken out of context makes this what it is - just fun.

    You don't need to advertise a website in your profile.

    Andy.
  • JoeK
    Why oh why do we have to go off thread all the time?

    No wonder not everyone wanted to join the elite breakaway Group in a previous thread.

    Anybody thought about becoming a commercial mortgage broker?

    JoeK
  • kenshaz
    Dear Kenshaz and others
    This has been pulled from the website of Maurice Ball and then taken out of context. unfortunately I am not Maurice Ball and Maurice Ball is not a member of this forum. Therefore you are slandering someone you do not know. I am reporting Kenshaz for that post and Martin may well be getting legal action against this site.
    Originally posted by Mr helpful
    Mr Helpful why have you decided to associate yourself with my post,no mention of you was made if you wish to take on that role that is your decision as long as you feel happy with that.Would you please in future refrain from the use of my name in your posts.

    I suggest that you reread my post ,nothing was stated about any individual by name either in a negative or positive manner.
    I can only suggest that your emotional outburst was perhaps rather unprofessional as where your remarks in respect to other brokers on this site .

    The reference to a mutual friend is that why you feel aggrieved the gif is in the public domain.

    I feel that your over reaction has actually created adverse publicity for yourself ,transferring the post from another thread .What was your motive and intentions for that action,because no direct reference was made to you,but if you wish association ,I have no problem with that.
    Last edited by kenshaz; 22-04-2007 at 2:36 PM.
    To be happy you need to make someone happy.

  • JoeK
    Could I tag onto this thread where you feel the future of mortgage advising lies.

    Will it be more office based, home visits or will more people take to it over the internet/phone on a distance type arrangement. Maybe the mix will still continue.

    I work in an Estate Agents with a pretty decent size panel of about 40 lenders but I can't help feeling that EA's will become more redundant in future with more and more people looking for houses on the internet.

    What do you think the industry will look like in say the next 3,5,10+ years.
    Originally posted by homer_j
    I think there will be opportunities for the mortgage broker that will visit a client and these may become the fee charging brokers and the home based internet brokers that have low overheads and that can afford to arrange mortgages for no fees.

    As we have already identified, the costs are not comparable.

    What with office costs, telesales costs, admin costs etc. it just isn't worth arranging a mortgage for say 150.

    Or is it?

    JoeK
  • AndyWallace
    I dont think Maurice has seen the funny side. If any solicitors were open today he would have instructed them by now. With you Andy I would believe you that no malice was intended but not from Kenshaz as he as far as I can see does nothing other than try to wind up brokers.
    As there is space in the profile for a website why not make use of it.
    Originally posted by Mr helpful
    But that's what makes it really funny. Brokers' reactions and the constant squabbling make me laugh so hard sometimes.
  • JoeK
    Mr Helpful why have you decided to associate yourself with my post,no mention of you was made if you wish to take on that role that is your decision as long as you feel happy with that.Would you please in future refrain from the use of my name in your posts.
    Originally posted by kenshaz
    Why don't we just pm each other on personal issues so that the rest of us can concentrate on the thread, instead of bickering like a bunch of school kids.

    JoeK
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