Mortgage Broker Careers

How to Become a Mortgage Broker

In the mortgage market, there can be upwards of 3’000 products available at any given time. That’s a lot of products for home buyers to research in order to identify the most suitable mortgage at the best rates. One thing every homebuyer needs are great deals. That’s the service you’ll be providing as a mortgage broker.

Become a Mortgage Broker

Helping people first find the best deal for them, and then providing assistance throughout the mortgage process, ensuring the customer knows every single detail about the contract they’ll be entering into.

Part of the process will also see you recommend different insurance products in line with customer requirements. These are known as add-on services and there will be some jobs where you’ll have mortgage targets to meet, as well as additional sales targets on insurance products.

A background in sales and customer will prove beneficial to get started in this profession. The good part of this is that it offers additional earning potential, as many jobs will pay a sales performance bonus.

At the forefront of the job is customer service.

People need skilled professionals to advise on the thousands of products available, but unlike an advisor on mortgage products, you’ll be brokering mortgages on behalf of lenders. Talking to your customers, you’ll need have tremendous listening skills, as no product on the mortgage market offers a one-size fits all solution. The type of mortgage you advise on, recommend to your clients and then broker the deal on their behalf requires care throughout the process.

Firstly getting an understanding on customer needs, and then guiding people through the complexities of mortgages and the terms associated with them. It can be a lucrative career, but it’s also going to have you pushing your boundaries daily in order to meet your sales targets. If you choose to go down the independent route, setting up your own mortgage brokering business, the targets you set yourself are going to put the pressure on all the more, as you’ll be working on a commissioned salary.

The types of jobs you can do will fall into one of two categories.

  1. 1) A tied broker ; When you’ve an established relationship with the lender who pays you a commission on the products you sell
  2. 2) A Whole of Market broker ; Just as it sounds, you will be able to broker all mortgages across the market, without being tied to any organisation.

When you’re in employment, perhaps with a bank, you’ll more than likely find that you’re limited to sell only the mortgages provided through the bank. Working with an independent broker firm though, you could find yourself selling all types of mortgages. Before you can approach the job market, you are going to need trained and hold the relevant qualifications to enter the field.

Mortgage Broker Training

To become a qualified mortgage broker you will first of all need to enrol in a course to gain a formal qualification. Many mortgage brokers may come from a financial or mortgage background, however this experience is not necessary in order to gain the necessary formal qualifications.

Mortgage Broker Training

Mortgage Broker Training – How do I become a qualified mortgage broker?

Passing your CeMAP exams is the key to becoming a qualified mortgage broker. CeMAP stands for the Certificate in Mortgage Advice & Practice which is the industry recognised qualification that every mortgage consultant in the UK needs to pass in order to give advice to the public. Under FSA rules it is compulsory to have a full CeMAP qualification if you wish to give advice on mortgages. The CeMAP qualification is made up of 3 modules, all of which must be completed to achieve the qualification. What other skills do I need?

A broker should have good people skills. A sales or marketing background is helpful, though not required. You will also need excellent written and verbal communication skills.

Mortgage Broker Training – How long does it take to become qualified?

There are a number of CeMAP training courses available including fast track, self-study and intensive courses. Each of the three modules are assessed in a two-hour exam. Upon successful completion of these exams you will become CeMAP qualified.

Mortgage Broker Training – What are the entry requirements?

There are no specific entry requirements as CeMAP training courses are designed both for individuals who are new to the Mortgage Industry as well as those that have a background in Mortgages / Finance but need support to help them become CeMAP certified.

Mortgage Broker Jobs

Mortgage broking is a potentially very lucrative profession. It should be noted that this is also a career in which career advancement requires a thorough understanding of the market.

The best career positions are usually based in the bigger cities, where mortgage turnover and values are usually much higher. In these high value markets job mobility is often an essential tool in career moves.

Mortgage Broker Jobs

 

Many experienced mortgage brokers also choose to operate their own businesses in parts of these big local markets.

The money that mortgage broker’s earn can come from various sources. The central source of income for a mortgage broker is commission they obtain from the lender for bringing them a buyer’s business. Lenders also sometimes pay arrangement fees to brokers and they earn some money this way.

Some brokers also charge for each mortgage they negotiate while others may receive money from insurers for the life insurance and general insurance they arrange for buyers. Taking all of this into account, salaries for mortgage brokers average at £50,000 annually making it a very lucrative career choice.