Day in the life of
Mortgage Broker – Ade Labinjo
Mortgage brokers are a relatively new but increasingly important cog in the real estate machine. We act as an intermediary between financial institutions and individuals who need to borrow a monetary loan to buy property.
As a mortgage broker, I work with both parties to achieve the best deal possible, navigating a busy schedule of meetings, correspondence, and negotiations on a daily basis.
My typical day
Times have changed, with more and more prospective buyers opting to consult a mortgage broker rather than go directly to the bank to secure their loan. The 2008 financial crash only further solidified the importance of mortgage brokers, with the tightening of loan criteria requiring more potential buyers to seek out solid financial advice.
That being said, people are more educated in the finer points of real estate than ever before, with the internet offering a wealth of advice and information before you even step foot in a broker’s office. It’s not uncommon for people to come in with a clear idea of what they want, with brokers acting as a source of confirmation.
Every client poses a unique problem you’re trying to solve with the best financial solution in an ever-changing world.
No two days are the same, but they all begin with me scanning through my correspondents from home to analyze the progress of existing clients and assess inquiries from prospective ones. While many brokers work from home, my role as an online broker requires less face-to-face work, so I prefer the hustle and bustle of an active office environment.
Once I get into the office, I get myself up to date on recent developments in the real estate sector. Once I’m across all the major stories, I get started on my negotiations for the day.
I’ll talk to leading corporations, accessing their present conditions, interest rates, and the advantages they might be able to offer my client. Much of the content of these negotiations and who I choose to speak with is based on research I’ll have done in the days prior.
I tend to use lunch as an opportunity to meet with clients. As I mentioned, much of a broker’s work is done online, so getting the opportunity to meet with clients, particularly those with specific requests, is worth taking. Any free time will be spent answering fresh correspondents and discussing the day’s developments or leads with colleagues across the industry.
After lunch, I’ll give feedback to clients on my findings and, should there be a mortgage in place for them, arrange the paperwork to get the ball rolling on the process. I’ll also use this time to meet with new clients and prepare for any meetings I have arranged for the next day.
Evenings are when I finally get a break! Occasionally, I’ll meet with clients who can’t come into the office or talk during typical working hours, but more often than not this only happens as part of the closing process.
Being a mortgage broker isn’t for everyone. There are some incredible pros to the job, but as with any other role, there are also some cons to consider.
Pros
If you’ve got the passion and work ethic, getting into brokering can be relatively straightforward.
Firms often provide on-the-job training, and employment through referral is common practice. There are many transferable skills from careers such as sales, recruitment, and finance that can help you get ahead fast.
Your hard work is handsomely rewarded in time, both financially and in terms of helping people achieve their dreams. Grateful customers make the job worth doing, with a socially minded people-person having plenty of scope to thrive. There’s a great balance of independent work and social aspects that is unlike any other office role.
Cons
If you don’t like paperwork, this isn’t the role for you.
As one industry colleague once put it to me, being a broker can feel like being a bureaucrat — one that needs to turn a profit!
Becoming a full-time mortgage broker can be a long road full of frustrating hoops to jump through. Many brokers don’t make it into their second year. However, if you can tackle the ever-mounting pile of contracts, paperwork, and the occasional ungrateful client, you’ll quickly realize there’s a hugely rewarding, people-oriented role to enjoy.
Advice for aspiring Mortgage Brokers
The journey to becoming a mortgage advisor is less of a box-checking exercise and more flexible than many other financial professions, but there are still a couple of things students and professionals aspiring for a career change can do to get themselves into the industry.
Becoming a mortgage broker doesn’t require a degree, but industry recognised financial qualifications such as the CeMAP can help you find better roles much faster.
While studying, ensure you find the time to take on highly relevant work experience at a good brokerage, ideally one where you can shadow a professional in the field rather than just spend time in a generic office environment. First hand experience watching a mortgage deal develop is crucial to giving you a genuine work perspective to back up your theory and research.
Many mortgage brokers take apprenticeship and trainee roles with firms to help them break into the industry. My advice would be to look for these roles at firms you aspire to work in, particularly those with specialities such as dealing with particular property types or operating entirely online.
To succeed as a broker you need people skills, maths knowledge, and thorough attention to detail. Great communicators who can explain complex financial concepts excel in this role, so consider taking classes or joining groups to develop your interpersonal skills if you consider that a weakness.
