How to become a mortgage broker?

[alexlowe]

Hello,

Can anyone advise me on how to become a mortgage broker?

I am told that it can be done by attending a short residential course and registering with the FSA which all in would cost around £2 k.

Any help appreciated,

Thanks.

Alex.

[BrokerSteve]

If you intend to conduct regulated business the very least you require is CeMAP 1 (or equivalent). Some networks require more. £2k sounds about right for the courses though. Best way is to find a firm that is recruiting and will put you through the course. Some will take 'new' consultants on in a self employed basis. Working within a firm will be easier if you are inexperienced and needing to 'learn the ropes'.

It's a rewarding and varied career path, and one I'd strongly recommend. Good luck.

[alexlowe]

Hello Steve,

Thats useful to know, thanks.

[gaz2373]

You can also do CII's CFP1 and CFP6 to get the examination requirements for a mortgage adviser. 1 less exam might be a bit cheaper to study for also.

[Hayles]

Are there still companies you can find leads for without any qualifications? Years ago I had a friend who got a consumer credit licence and then simply advertised along the lines of "we can get you a mortgage/loan". They then got the customer to fill out a simple form and passed this on to a mortgage company. They didn't offer any advice so didn't need any qualification. Is this still the case? I remember he got some pretty good commission cheques through for his leads!

[Gillie]

Yes its still possible, we do that ... We offer and organise business/commercial loans as well as other things to help you out, sorry trying not to advertise here .... and are always being asked by the people I deal with do we do private mortgages, and yes we organise them by getting them to fill out a simple details form and then passing it on to an associate of ours ... so we are seen as a total finance place, but in fact I am not allowed to help people out and talk to them about the best mortgage for them, but will pass on details for them and get my associate to do so if they require it ...

[alexlowe]

Hello everybody...

Thanks for all the input,


''... I had a friend who got a consumer credit licence and then simply advertised along the lines of "we can get you a mortgage/loan". They then got the customer to fill out a simple form and passed this on to a mortgage company......''


Getting a consumer credit licence seems fairly straight forward but how do you find a mortgage company to supply with leads? Is there standard commission rate or does it depend on the relationship?

And how would you advertise this service, is it along side other services or on its own? And where would you advertise, exibitions/shows or literally advertise in newspapers etc?

Do you need to be with the customer when they fill out the form? Do you need an office, or can you perhaps visit them in their home?

Thanks again, any help appreciated...

[gaz2373]

Hi Alex

I currently deal with mainly private mortgages. The companies who I get my leads from charge me at flat rate per lead whether it results in a sale or not. If you could offer someone a deal where they gave you a commission split on a sale they would be more than happy to deal with you, (PM me if you want to discuss the commission figures that I would offer to an introducer).

My understanding is that their is no restriction on how you get leads, it is what you say to people or what is advertsied that is important.
The FSA have rules relating to this especially if you are party to "arranging" the mortgage.

The book explaining the rules can be found on the FSA's website PM for address.

PERG 4 is the most relevent to your point however other sections may also be useful. If you are still unsure as to the activities that you can under take it may be worth giving the FSA a call to see what they have to say.


The other aspect you may have to look out for is getting registed with the Data Protection Agency. This is a legal requirement if you are handling peoples personal details. More details can be found on the business link website pm me for address

Hope this helps

Gareth

[Babylon]

Getting a consumer credit licence seems fairly straight forward but how do you find a mortgage company to supply with leads? Is there standard commission rate or does it depend on the relationship?

Thanks again, any help appreciated...

Alex,

I can place any leads you generate with suitable lenders/packagers. Any income generated (we get paid if the lead converts), I am willing to split it 50:50 with you. If interested, please get in touch.

kind regards,

[Arkanon]

I represent a company that offer secured loans/ second mortgages. We are the Lender, not a broker and are currently looking for small to medium sized mortgage brokers and introducers to provide us with quality leads.

Our comission structure is excellent starting at 3% (can be more) of the loan value plus over-ride commissions based on volume. (paid out on completion of the loans).

We are looking for prime and near prime business however within our organisation we also have a brokerage division which means we are able to service applications from most circumstances where we are unable to place the loan with ourselves.

If you're interested let me know and i will give you full details etc.

Best wishes
Rob Stone

[SimpleSimon]

I work in fiancial services and you cannot pay introducer commissions on regulated business without the introducer being checked for fit and properness and the client being told where there details came from. buying leads is different.

[wildhaggis]

To become a mortgage broker, you need two things:
1. relevant qualifications (CEMAP, or CF1/CF6 or etc) I like CF1/6 - it's easier for my trainees to pass.
2. relevant experience. this is obtainedfrom working with a mortgage broker with 'supervisor status', and undergoing the relevant on-the-jobtraining.

To supply mortgage leads, your process has to be accepted , and must be compliant with the FSa rules. Primarily, this means 'no cold calling' for regulated mortgages. (Buy-to-let, and 2nd mortgages aka secured loans) are unregulated.

Majority of lead suppliers are also registered under the Consumer Crdit Act, and Data Protection acts.

PM me for more info, or if you are looking for training. I'm looking for brokers...

[Gillie]

Ok, so nearly two years ago .. come on guys ... read the dates and quit it!

[mijaved786]

Hi all, I am also thinking of becoming a mortgage broker and doing my backgroup study to understand all the steps involved in it. From my experience so far I have realised that this is a networking business, the more you network with people the more business you are likely to get.

Also, can any one tell me that can you involve in brokering mortgages and loans without the CeMAP qualifications or you really have to have those qualifications.

Regards

Max

[north.penny]

If anyone would like to become an introducer for me, please PM me!!! I do mortgages mainly but my group does a full range of finacial services

[new2bus]

Ok, so nearly two years ago .. come on guys ... read the dates and quit it!

and alex stopped posting after 27th February 2007, 18:14

So he is either already going for it or given up.

[Antony]

You can pay to do the CMAP courses at home in your own time. Alternatively, if you start your trade with some of the big firms, they will pay for you to do this.

Hope this helps.

[ultra49]

Hi. I've just turned 50 and am considering a career change to be more in control of my own destiny. How feasible would it be for someone of my age, who's a numerate qualified accountant in industry (FCMA) to get up and running quickly as a Mortgage broker. I'm happy to home study to get through the CEMAP, but how easy would it then be to do the 6 months experience? Do companies fall over themselves offering "self employed" positions or would I find this stage difficult? At the end of all this what sort of salary could a committed mortgage broker in the Midlands expect to earn - over £40k??

Any feedback would be gratefully received.

[Heifaa]

I'm a morgage introducer and I have a lot of clients wanting finance so please let me know if you are intersted.

Many Thanks

Heifaa

[TMSL]

I think there tends to be a huge misunderstanding regarding mortgage brokers and what they earn. I have been doing the job 11 years, I have a huge client bank and 6 good introducers, I will be lucky to earn £40k this year, honestly all those people thinking of training and thinking you will be up and running within 1 month (you wont) it takes years to learn the job properly.

If anyone is looking for somerwhere to place leads and looking for a commission split , I run a small brokerage based in Bristol, please drop me a mail on ryan@templarmortgages.co.uk

[james07]

Hi ,
really interested to view your comments.

I am interested in becoming a mortgage broker/introducer .
Would appreciate your thoughts on how we can perhaps work together.
I have decent contacts,ex pro footballer.
please email 01797 853796

Many thanks Jimmy

[rachhpalkarwal@yahoo.ca]

I am interested in providing lead as I have small accounting practice. I would very interested to add more services to my business. Therefore, I would like to know how your services work and how we can work to share business commission.

[rachhpalkarwal@yahoo.ca]

Alex,

I can place any leads you generate with suitable lenders/packagers. Any income generated (we get paid if the lead converts), I am willing to split it 50:50 with you. If interested, please get in touch.

kind regards,

Hi Joel, I have small accounting practice and looking for any brokerage for commercial lending. I am qualified chartered accountant and one of service to assist preparing business plan and therefore clients need complete services to assist with funding new businesses as well. If you can let me know how we can work on sharing commission. then I very happy to give you some leads.

Thanks

[Stuartthomas]

The best way to find a job as a mortgage broker is to go directly to a mortgage brokerage firm and apply. Most firms offer on-the-job training and will sponsor trainees on the licensing exam. Do not expect to get rich at first, however. These training programs should be viewed as just that… training for which you do not have to pay. You must also be willing to do telemarketing, following up leads, as part of the training.

[Stuartthomas]

All the information that you have given about the payday loans is right and You will be able to get a loan that will save you money. .but It is smart to do your research before you apply for one.