Why become a mortgage broker

JoeK_3 · 22 April 2007 at 9:42AM

MortgageMamma wrote: »

Mine is totally different as I do everything over the phone and internet so I probably should stay out of this bit of the discussion. I do so few face to face appointments I dont really have a routine as such except to make sure I look good and have a briefcase full or stuff I need. For example I keep 4/5 factfinds IDD's/TOBS in there all the time

Why stay out of the discussion when you have already demonstrated in the reply that you have 4/5 factfinds IDD's/TOBS in your briefcase.

I like the bit about you looking good though! lol

JoeK

JoeK_3 · 22 April 2007 at 9:57AM

The_Eternal_Optimist wrote: »

Well perhaps there is a place for me somewhere yet!

But I may consider it when I'm old and tired, I enjoy advising so much I doubt I'll give it up for at least 20 years

It's unusual for old and tired people to earn £100,00 a year, but I know what you mean.

From the feedback so far then, it would seem that the following are good starter reasons for 'Why become a mortgage broker'

1) Enjoy helping people
2) Making a lot of money
3) Enjoy selling

I will continue to add to this list as it develops.

JoeK

AndyWallace · 22 April 2007 at 10:00AM

JoeK wrote: »

Now that's in the eyes of the beholder.

Seriously though. It's a known fact that a good sales person is usually cr*p at admin and a good administrator is cr*p at selling. The job of a mortgage broker is heavily biased toward admin, when in reality a good mortgage broker sales person is worth £300 per hour.

Should we have three admin people supporting one mortgage broker?

JoeK

I generally agree with this statement but you should have 1 FT admin for upto 5 advisers.

AndyWallace · 22 April 2007 at 10:23AM

that's Just Great!! Thanks. Trying to pick myself up right now.

kenshaz · 22 April 2007 at 10:26AM

AndyWallace wrote: »

that's Just Great!! Thanks. Trying to pick myself up right now.

I thought that you might see the connection.

JoeK_3 · 22 April 2007 at 10:27AM

AndyWallace wrote: »

I generally agree with this statement but you should have 1 FT admin for upto 5 advisers.

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

homer_j_3 · 22 April 2007 at 10:33AM

For me personally I wanted to specialise, I wanted to know everything that I could about mortgages and out of all the financial products that are out there, I find mortgages the most interesting. I am FPC qualified, I am CeMap qualified so could choose to do either and tried financial advising 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.

They say that if you can find a job that you have a lot of interest in then you have a happier work life so that has been my aim.

I would like to think that I do it because I want a job that I can be professional at and also the reward of knowing that you have helped so many people get into the house that they wanted.

My approach to my job is very simplistic and sales is not the top of my list. I want to give good solid advice, ensure that my clients understand what they are doing and provide the benefit of my experience (both technical knowledge & personal experience with things like the house moving process). By doing this the sales side of it sort of takes care of itself and that earns me money which is clearly one of the reasons why I do it.

You will know JoeK that the average wage in the NW where you, MM and I all operate from is borderline poverty stricken pay and I think its one of the few areas that you can earn a good honest days pay.

I believe that someday when I feel the time is right I will come away from my comfort zone of working for an established company and set up on my own. My wife is a compliance analyst and she knows her stuff, infact she is doing advanced cemap at the moment and will be doing a diploma in compliance after that too. Her attention to detail and industry knowledge will hopefully mean that my ability to advise well we will make a good team. This is my aim so I can have financial stability in our future. Sorry if I have gone off track a little...

kenshaz · 22 April 2007 at 10:50AM

homer_j wrote: »

For me personally I wanted to specialise, I wanted to know everything that I could about mortgages and out of all the financial products that are out there, I find mortgages the most interesting. I am FPC qualified, I am CeMap qualified so could choose to do either and tried financial advising 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.

They say that if you can find a job that you have a lot of interest in then you have a happier work life so that has been my aim.

I would like to think that I do it because I want a job that I can be professional at and also the reward of knowing that you have helped so many people get into the house that they wanted.

My approach to my job is very simplistic and sales is not the top of my list. I want to give good solid advice, ensure that my clients understand what they are doing and provide the benefit of my experience (both technical knowledge & personal experience with things like the house moving process). By doing this the sales side of it sort of takes care of itself and that earns me money which is clearly one of the reasons why I do it.

You will know JoeK that the average wage in the NW where you, MM and I all operate from is borderline poverty stricken pay and I think its one of the few areas that you can earn a good honest days pay.

I believe that someday when I feel the time is right I will come away from my comfort zone of working for an established company and set up on my own. My wife is a compliance analyst and she knows her stuff, infact she is doing advanced cemap at the moment and will be doing a diploma in compliance after that too. Her attention to detail and industry knowledge will hopefully mean that my ability to advise well we will make a good team. This is my aim so I can have financial stability in our future. Sorry if I have gone off track a little...

The secret of happiness is contentment and you appear to have both,I also have a wife who is both intelligent and special,perhaps we are not so different.

Honesty and integrity are the most useful sales techniques,and you certainly sold yourself to me.
Sales may not be at the top of your list ,but you have worked your magic.

My only adverse comment is that you defend other brokers who do not have the same set of standards that you measure against.

JoeK_3 · 22 April 2007 at 10:52AM

homer_j wrote: »

For me personally I wanted to specialise, I wanted to know everything that I could about mortgages and out of all the financial products that are out there, I find mortgages the most interesting. I am FPC qualified, I am CeMap qualified so could choose to do either and tried financial advising 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.

They say that if you can find a job that you have a lot of interest in then you have a happier work life so that has been my aim.

I would like to think that I do it because I want a job that I can be professional at and also the reward of knowing that you have helped so many people get into the house that they wanted.

My approach to my job is very simplistic and sales is not the top of my list. I want to give good solid advice, ensure that my clients understand what they are doing and provide the benefit of my experience (both technical knowledge & personal experience with things like the house moving process). By doing this the sales side of it sort of takes care of itself and that earns me money which is clearly one of the reasons why I do it.

You will know JoeK that the average wage in the NW where you, MM and I all operate from is borderline poverty stricken pay and I think its one of the few areas that you can earn a good honest days pay.

I believe that someday when I feel the time is right I will come away from my comfort zone of working for an established company and set up on my own. My wife is a compliance analyst and she knows her stuff, infact she is doing advanced cemap at the moment and will be doing a diploma in compliance after that too. Her attention to detail and industry knowledge will hopefully mean that my ability to advise well we will make a good team. This is my aim so I can have financial stability in our future. Sorry if I have gone off track a little...

Hi Homer!

Many thanks for your valued input, I can tell that it comes straight from the heart.

It's good to hear of your background and to find out that the Financial Adviser route was not your forte, as you felt a jack of all trades.

Possibly that was the result of your previous employer not focusing you and as a result, you ended up focusing yourself into mortgages only.

Good to see that you also fall into the category of advising and helping but note that selling just happens.

Let's keep debating this, as I am sure that some good will come from all your heartfelt feedback and we will all learn something from each other.

JoeK

AndyWallace · 22 April 2007 at 11:09AM

JoeK wrote: »

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

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.

Why become a mortgage broker

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