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  • 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.
    Originally posted by kenshaz
    Its been reported to abuse so we will wait for what happens. I think Maurice is also going to email Martin direct with a complaint for starters.
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
  • icklejulez
    Every time there is a thread that interests me on mortgage advisors etc why do people have to start bickering and get the thread closed. If someone is not happy can they not simply just not read the thread? This is getting rather annoying now and ruining the purpose of this site.
    Saving needed to emigrate to Oz
    *September 2015*

    11,860.00 needed = 1,106 in savings


  • homer_j
    Please stop posting Mr Helpful, I have absolutely no interest in what maurice is going to do just as I am sure Martin will not want you discussing any potential action in a public forum.

    You are nothing but a troublemaker as far as I can see it.

    You could of quite easily pm'd kenshaz and asked him to remove the post or the mods if he had refused and then kept quiet and let this post run its course. But no you have to make a public scene, show who has the biggest you know what and try to boost your ego. I don't think I could blame Kenshaz for any response he may make to your actions because you are clearly out for him. Don't think for one moment by being like this you are getting respect for it.
    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
    Its been reported to abuse so we will wait for what happens. I think Maurice is also going to email Martin direct with a complaint for starters.
    Originally posted by Mr helpful
    How do you know that ''Maurice'' is going to email Martin and why have you got ''Maurice'' s website in your profile ,the plot thickens .Andy is correct this is all so funny,and why have you hi-jacked this thread.

    If you have reported something to the mods ,why are you continuing your threats.

    I would also like to inform you that the threats that you are making on behalf of some-one else are abusive and unsubstantiated.

    I have decided to listen to Homer-j and other advisers who have suggested that continuing in a similar vein is unproductive and I therefore decided not to comment further on this subject .
    Last edited by kenshaz; 22-04-2007 at 3:04 PM.
    To be happy you need to make someone happy.

  • JoeK
    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.
    Originally posted by HelpWhereIcan
    This is an excellent point.

    The job of a mortgage broker has now become so difficult with regards to compliance and and paperwork that anyone that has not moved on to electronic trading will find that they can only produce so many cases a week and that's it.

    After which they then have to employ expensive back up administrators.

    Roll on the mortgages common trading platform and then we can comfortably write two mortgage cases a day, plus protection.

    JoeK
    • Madjock
    • By Madjock 22nd Apr 07, 5:03 PM
    • 715 Posts
    • 732 Thanks
    Madjock
    getting back to the topic, my co has an average of 30 mortgage advisors at any one time and we currently have 3 f/t, 2p/t and 2 trainee administrators for an average pipeline of £200k per month. We are always busy, sometimes extremely so, depending on the time of month and the volume of telephone calls. I would estimate that probably 40% of our business is adverse, so that also has an effect on how much work we have to do of course.
  • JoeK
    getting back to the topic, my co has an average of 30 mortgage advisors at any one time and we currently have 3 f/t, 2p/t and 2 trainee administrators for an average pipeline of £200k per month. We are always busy, sometimes extremely so, depending on the time of month and the volume of telephone calls. I would estimate that probably 40% of our business is adverse, so that also has an effect on how much work we have to do of course.
    Originally posted by Madjock
    That's good news and I can't beleive the ratio of advisers to administrators being so low.

    Does your company submit cases electronically?

    Looking at it from my perspective, 200pm cases divided by 30 advisers = 3 cases each per month, each.

    Is that good?

    JoeK
  • terese
    What do mortgage advisers do? apart from sending your details to lenders and get back the decision to the customer?
    • jamesd
    • By jamesd 22nd Apr 07, 5:54 PM
    • 23,592 Posts
    • 15,890 Thanks
    jamesd
    Does that mean that as procuration fees will be squeezed by lenders, we will see the death of the 'no fees' mortgage broker?
    Originally posted by JoeK
    The ticket booking side of travel agency went like this:
    • Third party online sales introduced
    • Proc fees reduced
    • Own web systems introduced
    • Proc fees reduced further for web sales
    • Proc fees eliminated for some sales by some airlines
    • Charges for non-web bookings by consumers introduced by some providers
    Basically, as the providers' own systems matured they edged out many of the people in the middle and favored their own systems.

    In the mortgage business there's some real incentive to remove brokers to get higher customer loyalty (more likely to stay on SVR than if using a broker) and more control of the relationship long term.

    Lots of travel agents went for the business pay the agent to save time and money market. I wasn't tracking closely enough to know how that turned out for them. Worth a chat or two with long-established travel agents to see how they survived the transitions. My guess is lots of value add and add-on product sales.

    Wait for the time when all the major suppliers have excellent home-grown web systems in place to handle the mortgage work, including price-matching electronic "surveys" so they can offer immediately (not just AIP) on lower LTV business and get the sale sown up themselves, with a major change of property condition get-out clause.

    Sub-prime looks more interesting, until I take a look at the lender systems which select the products the client qualifies for from their whole range. What's lacking there is any obligation to present the best product if the client was using this direct, so brokers still have a role in identifying deliberately sub-optimal lender recommendations. Give third parties the information to do this, including unreported credit check, with the requirement to provide best offer, and life gets interesting.

    The unreported credit check is also a requirement for greater liquidity in the loans market, since the lack of it discourages consumer shopping around.
    • UK007BullDog
    • By UK007BullDog 22nd Apr 07, 6:20 PM
    • 2,547 Posts
    • 1,394 Thanks
    UK007BullDog
    What do mortgage advisers do? apart from sending your details to lenders and get back the decision to the customer?
    Originally posted by terese
    We have to do this:

    Check the clients status, i.e. passport, check that what they tell us is true, every client is different so have to listen to clients needs, requirements and also how they want to plan their future plans, sourcing of the right product and lender, calling up lenders if they are willing to lend on that type of proeprty or the type of client.
    checking their documents, money laundering checks, taking their many details down into a factfind, entering the details into multiple lenders web sites factfinds if the original choice is unwilling to lend. then chasing the application through the lender to the surveyor and the client plus solicitor. Call to the lenders underwriter to find out if there are any holdups and why. Chasing surveyor and clients, RTB = chasing the councils to move quicker.
    presenting/explaining the offerletter to the client.
    then its just basic chasing. maybe also some protection sales and chasing of those as well. packaging the whole lot of docs to send to the lender.
    Adverse lending or type of property can mean a lot of calls to lenders underwriters to reconfirm if they will lend.

    So there is a lot more than just filling out a form and sending it in.
  • JoeK
    The ticket booking side of travel agency went like this:
    • Third party online sales introduced
    • Proc fees reduced
    • Own web systems introduced
    • Proc fees reduced further for web sales
    • Proc fees eliminated for some sales by some airlines
    • Charges for non-web bookings by consumers introduced by some providers
    Basically, as the providers' own systems matured they edged out many of the people in the middle and favored their own systems.

    In the mortgage business there's some real incentive to remove brokers to get higher customer loyalty (more likely to stay on SVR than if using a broker) and more control of the relationship long term.

    Lots of travel agents went for the business pay the agent to save time and money market. I wasn't tracking closely enough to know how that turned out for them. Worth a chat or two with long-established travel agents to see how they survived the transitions. My guess is lots of value add and add-on product sales.

    Wait for the time when all the major suppliers have excellent home-grown web systems in place to handle the mortgage work, including price-matching electronic "surveys" so they can offer immediately (not just AIP) on lower LTV business and get the sale sown up themselves, with a major change of property condition get-out clause.

    Sub-prime looks more interesting, until I take a look at the lender systems which select the products the client qualifies for from their whole range. What's lacking there is any obligation to present the best product if the client was using this direct, so brokers still have a role in identifying deliberately sub-optimal lender recommendations. Give third parties the information to do this, including unreported credit check, with the requirement to provide best offer, and life gets interesting.

    The unreported credit check is also a requirement for greater liquidity in the loans market, since the lack of it discourages consumer shopping around.
    Originally posted by jamesd
    That's fantastic feedback and I thank you for it.

    Lenders are already starting the ball rolling as we have encountered recently.

    Northern Rock have approached clients introduced to them and re-written the mortgage case and life insurance that we arranged.

    Further to this Bristol & West have just done something similar.

    We have reported NR to the FSA for taking the client out of whole of market to tied.

    We are awaiting the results.

    JoeK
    • Madjock
    • By Madjock 22nd Apr 07, 6:44 PM
    • 715 Posts
    • 732 Thanks
    Madjock
    The 200k is the commission amount, not the no of cases. The no of cases i'm not sure, i know i average about 80/90 cases at any one time allocated to me.
    Yes, a lot of cases are submitted electronically. Our part of the business isn't hugely profitable, but we are part of an estate agent so other parts of the business make up for our lower profit margin, and the life cases are very often more profitable than the mortgage cases. Fees vary enormously, some advisors don't charge a fee, some do - the adverse cases very often have high arrangement fees (as is always the case, the less you have, the more you pay). Unfortunately, it's a fact of life that the more problematic a case the more man hours spent on it. The Halifaxes and Northern Rocks quite often are offered within a week of us getting the case in the office. We have adverse cases that have taken a year or more to complete.
  • JoeK
    Such is the life of a domestic mortgage broker!

    Anyone fancy becoming a commercial mortgage broker?

    JoeK
  • homer_j
    Average proc fee of £450 would equate to 14/15 cases per adviser which is a good level. I do that without admin support
    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.
  • JoeK
    Average proc fee of 450 would equate to 14/15 cases per adviser which is a good level. I do that without admin support
    Originally posted by homer_j
    And work very hard for it I'll bet!

    JoeK
  • homer_j
    oh yes - its exhausting

    the 80% life to mtg ratio helps me justify the time though lol.
    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.
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 8:28 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    The commercial side of mortgages is a growing (but still ignored) side of our business. The cases I have done have been interesting to do as the skill set required is a little different and business owners tend to be very focused on what they are getting for their money.

    This does mean that it is easier to justify charging a fee as most business owners can quantify the time you save them as well as the cost.

    I have though found it neccesary to charge an upfront fee for researching their options and coming up with a proposal as I have had business owners use the figures I get them to bargain down their own bank. Easier done in commercial as banks tend to have a bit of movement in the rate when pushed that they no longer have in residential.

    interesting work, well paid, but hard work and increasingly competitive.
    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.
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 8:30 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    oh yes - its exhausting

    the 80% life to mtg ratio helps me justify the time though lol.
    Originally posted by homer_j
    You also need that work life balance and I find that admin support and technology help me get that
    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
    If it's true that procuration fees are to be squeezed by the lenders, Is this an area that all fee charging brokers will move to in the future?

    What will happen to the domestic broker then?

    Will the Banks and Building Societies win in the end and continue to take a bigger share of the retail market?

    JoeK
    • MortgageMamma
    • By MortgageMamma 22nd Apr 07, 8:35 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    The commercial side of mortgages is a growing (but still ignored) side of our business. The cases I have done have been interesting to do as the skill set required is a little different and business owners tend to be very focused on what they are getting for their money.

    This does mean that it is easier to justify charging a fee as most business owners can quantify the time you save them as well as the cost.

    I have though found it neccesary to charge an upfront fee for researching their options and coming up with a proposal as I have had business owners use the figures I get them to bargain down their own bank. Easier done in commercial as banks tend to have a bit of movement in the rate when pushed that they no longer have in residential.

    interesting work, well paid, but hard work and increasingly competitive.
    Originally posted by HelpWhereIcan
    I've got to be honest I've NEVER EVER done a commercial mortgage - I've had a handful of enquiries in the past but I've always handed them over to other brokers - indeed I pm'd JoeK with one the other day. The reason I do this is because I work alone and I have nobody to train me on them and I feel I would not be giving me clients the service they deserve due to my lack of training in that area

    MM
    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.
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