Thinking of becoming a mortgage broker


I will be leaving my current job next month and am considering a change of occupations into mortgage broking. I was just wondering what qualifications I will need and if I can get into the industry before gaining these qualifications. Also what sort of money would a mortgage broker just starting out earn and then once they had themselves established what would they earn.

Thanks Pablo.
Certifiicate for in financial services (mortgage Broking), 2-3 day workshop or distance education. Go the workshop though.

Anywhere from 30K to 1Mill, though the later would indicate a business which employs brokers.

150-200K i thinbk is a fair for a MB who has been established for a few years, remember the trails will build your income up over time
Wow that's not much training is it, but I suppose you learn allot more while doing the job.

Any mortgage brokers in Adelaide looking for a IP savvy employee who understand loans already? (If you don't ask you don't get).
I'm a fitter and turner so it's a big change but I've been addicted to property investing for about 5 years now and have learnt allot about structuring loans etc. in that time.
Income averages are considerably less than 70 000.

But, like with anything there are a few that will perform very much above the averages and many many more that will do very poorly.

Much depends if you want to have a business or be an employee on a "fixed" wage.

Cant comment on an employee basis, but on a business basis, starting with no trail book in todays crappy lender service environment, I dont know if I would start the way I did 10 + years ago. As a sole operator working from the boot of your car you can still make a decent dollar (for the moment) by keeping your overheads low.

The perception that many carry is that a loan takes 2 to 3 of hours to obtain write and settle.

The average in our office is 29 person hours.............and I doubt we are much different to many that have few staff and moderate volumes.

Ultimately what it comes down to is if you love working with people and see "NO" as a part of the process and a challenge, and are teachable you can make it with a bit of hard work.

Bumping this up. I work in the finance industry (I am close to qualifying as an actuary) so I know my annuities back to front etc. Would this help in qualifying to be a MB? I am really becoming interested in the world of PI and while I'd love to be a buyers agent I just don't have the negotiating skills for it, so an MB is the most natural choice given my skillset already.

How would I go about gaining sufficient experience etc? I am not looking for a complete career change as I love actuarial work, but something on the side given that I spend all weekends on PI anyway.
I have seen a few mortgage franchises for sale recently where they supply you with software, business model, training etc. would I be jumping in the deep end if I bought one of these considering I have no experience in mortgage broking let alone running a business? Would the training provided by the franchise and the courses done to get the license be enough or should I get a job in the industry first?
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hi pablo
the thougts of 200k would be great but the numbers are not really that from the start
here is what happens
first you do a coarse and yes they are good as they give you an understanding of how loans are processed and what required in the loan and what credit requires.
after that you are with a group or I call a team
now the team is the most important as you need referals to keep you going.
or you have to cold sell
and cold selling is the hard yards you have to do.
the income from the loan is not the main part as its the trailers you want.
this is income you get weekly while the loan is in place.
usually training in business is not included but you can work with the team and they usually will do alot of this with you
the main problems
and you need to do a swot with any business that you get involved in
s strenghts
w weaknesses
o opportunities
t threats
you will see swot in most business up for sale
and you should do a swot not only on the business but also on you.
you can do as I did do the coarse to learn and then take it from there
and the coarses can be cheap if you have a group that wants to expand very quickly.
if you are looking at buying into a business thats up for sale do a swot on it and get the seller to give you their swot.
also ask the training group for an ebit of one of their business in the first second and third years

ebit is
and tax.
also remember your are going into an industry taht is at a very big cross roads
turn left and broker especially commercial are going out the door quicker then water down a drain and they are going into resi.
and the market looking at turning in which case more brokers could be required if new or more funders come into the market.
so the coin is upo in the air
would I jump into it without the safety net of either another job or income stream nope
would I stick a foot in while doing something else maybe
there is a very good saying and it does go well with this type of industry
the grass always looks greener on the other side of the fence
just don't jump the fence unless you know what on the other side not just what you see.
as there could be quick sand or alot of desert before you get to that oasis of green.
hope this helps