Becoming a Mortgage Broker

C

Camrock

Guest
I am working on becoming a mortgage broker(intermediary).
I have approached 2 high street banks, 1 of whom i am a customer for may years, and received application forms requesting appointment..
I have received the application from the IFSRA which must be returned with "letters of appointment from all the undertakings with which you intend to arrange mortgages"- effectively appointments by the banks..
Am I taking the right approach.
While I have no formal back ground in financial services i have been involved in business for almost 10 years and have owned 2 small companies.

Your thoughts on the above would be appreciated.
 
Whilst you have experience in business which will stand to you I would suggest that if you have no formal background in Financial Services that "becoming a mortgage broker" is not a easy as you may think.

Practicing mortgage brokers who use this site may have various comments for you on the regulations and the business side of things, however I would suggest a course run by the LIA & the Institute of Bankers which is a Diploma in Mortgage Practice.

I know many Brokers who have done this course and found it invaluable. It is a self study three module (?) course by examination. I am not employed by either organisation.

Good luck.
 
Thanks for advice Potblack

I got in touch with both organisations you mentioned. The LIA seem to offer more exam availability, so the various segments of the Diploma can be completed quicker if the required study is done of course.

Aside from that I cannot see the advantage of one over the other. - any thoughts.

Also was advised that Canada Life may have new opportunities available after recently doing a deal with MBS.
 
LIA V Bankers

It is the exact same course offered by both (joint venture). So, as they say, the choice is yours. However, mortgage brokers I know of have done the course through the LIA.

I am unaware of what Canada Life is doing.
 
Re: LIA V Bankers

Canada Life signed a deal recently with Mortgage something or other (part of IFG Group plc) whereby their (Canada Life) direct sales reps could arrange mortgages, through Mortgage thingummies Ltd. (It's late and I just can't be bothered looking up the proper name.)

I presume this means that CL will be training up their sales staff to sell mortgages.
 
Thanks for the advice so far

Just received the QFA1 module in the post today. Chapter 1 out of 11 finished. Planning on doing the exams in Sept.

Has anyone any thoughts on approaching Estate agents who are not mortgage brokers or tied into mortgage brokers regarding offering them a commission on new business generated (put my way).

Also how receptive are IIB Homeloans towards taking on new intermediaries.

Any other helpful information would be appreciated.
 
Mortgage broker.

I have 15 years experience as a mortgage advisor, recently retired. I would be interested in a partnership, working part time also if interested. Dublin based. I also have contacts who may be interested in joining. If interested let me have a contact email address.
 
Calling mortgage intermediaries

I seem to be keeping this thread going on my own.

So far IsleOfMan hasent made contact, but it has spawned the idea that a similar relationship may be an excellent way of moving forward.

If there is any parties out there that would interested i can be contacted at cfjk@02.ie MOb: 086 1754545
 
92% loans available.

Sorry Camrock, I was on holiday hence the delay in not contacting you. I will send you an email shortly.
 
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