A Mortgage AdvisorMortgage Advisor
. Hypothekenberater are in charge of providing their customers with the best mortgage for their particular needs.... As a mortgage advisor, you will "sell" the FSA governed product, and as such you have the diligence and responsibility to provide the best possible service to your customers....
Hypothecaries can provide services from a sole supplier (i.e. only one institution), work multi-tied (i.e. they provide services from several suppliers) or provide services from the whole network (i.e. they provide services from all or the vast majority of suppliers). Hypothekenberater can provide advice on a variety of mortgage related issues, such as buy to let, home or business mortgage.
You can also consult on a number of different items, including: Cut - A mortgage that does not exceed a certain percent. Collared is a mortgage that does not drop below a certain percent. It gives the creditor pecuniary protection, but may allow him to provide a slightly better interest payment.
If a mortgage is fixed at a certain percentage below the lender's standard variable interest rate (SVR), e.g. if the creditor has an SVR of 7% and the rebate is -2%, you would actually have paid 5%. Flexibility - A mortgage with extra functions, e.g. more or less than originally arranged mortgage fees, flat-rate mortgage fees (overpayments), temporary suspension of mortgage fees (payment holidays).
Islamische Hypotheken - According to the right of the Koran the collection of interest is prohibited. Some specific kinds of Islamic mortgages exist to bypass this issue. Lifelong Mortgages - A means for older house owners to release cash from their home. In order to provide advice on this kind of products, you need specific skills.
Counter Offset - A mortgage that runs side by side with a small or large amount of money in a small amount. It works as follows: no interest is paid on your money in your checking accounts, but the amount of interest you are paying on your mortgage is also lower. For example, if your mortgage was 150,000 and you had 50,000 in the back office, you would only be paying interest on 100,000 of your mortgage.
Self-employed - mortgage advisors are often paid on a royalty rate base. Instead of billing their customers a charge, the mortgage lender, e.g. Lloyds, Halifax or RBS, makes a certain percentage of the credit available to the advisor. 4 percent for most suppliers. If the mortgage is more complicated, however, e.g. for a subprime borrower, these charges can rise significantly and amount to up to 2%.
Several mortgage consultants select or provide their customers with the opportunity to get a refund of premium. On these occasions consultants usually calculate a service charges for their consultant from 495 to 3,000 pounds. This means that a prosperous mortgage borrower with a large client base can make more than 100,000 per annum. Employees - trainee advisers should anticipate a pay of around 12,000 - 16,000 pounds, rising to 20,000 - 45,000 pounds per annum ATE.
They can also provide extensive benefit plans such as annuities or endowment policies. Urgent Hearing - Customers may not fully comprehend their needs and you may need to be able to ask targeted queries to identify their needs. Negotiating Capabilities - to talk to mortgage lenders and their supervisors.
Engineering skills in the mortgage sector and related areas. Meet with customers to evaluate their pecuniary situation as well as to establish facts. Obtaining a mortgage, sometimes with special softwares like Mortgage Brain or Trigold. Talk to creditors to find out whether certain requirements can be fulfilled, whether certain items are still available or may be subject to changes.
Advice to customers on which mortgage is suitable for their particular situation. Filling out request form for their customers. Talk to attorneys, freight forwarders and real property brokers to verify the mortgage terms. Mortgages advisors can be consulted by the Financial Services Authority without prior warning, so it is essential to have systemic documentary evidence. Maintain mortgage expiration record and contact customers to minimize their long-term cost.
The CII Certificate in Mortgage Advice - provides an introductory course on FMSA regulations, the basics of the home purchase procedure, mortgage product, borrower needs and redemption opportunities. CII also provides a degree in Equity Reversion and Home Reversion. FS CeMAP - covering the applicable FISA regulations and similar areas as the CII Certificate in Mortgage Advice.
Mortgages consultants usually work from an offshore location, but unlike other professionals, they are likely to be spending a great deal of your home stay with your customers. Regular business times are applicable, but you can be expecting to get together after working with customers. Banking - Most will employ mortgage consultants in branch offices to advise on bank-specific product offerings.
Insurers - Often insurers provide their customers with finance advisory services, often advising on mortgage issues.
Then I would check the actual status of all our clients' mortgage loans. We were able to provide product from the entire mortgage lending business so that we could provide advice to our customers on mortgage loans from any bank. The majority of mortgage banks we are dealing with have incentives period, i.e. period in which the mortgage interest is lower than the lender's standard variable interest rates.
To make sure customers don't pay too much, we have created a data base of all customers' latest transactions so that we can get in touch with them when their latest business is about to expire. Everyyday I would normally receive at least 5 or 6 papers from customers - autographed claim form and the like - and about ten information would come from mortgage lenders.
I normally spent my days talking to customers, procuring mortgage loans and conducting analyses to see which were the most cost-effective or appropriate for the customer, drafting claim documents and assisting with Know Your Customer ("KYC") documents - identifying, confirming payment, proving addresses, etc. - and talking to them.
New customers typically have a longer Interviewing period than current customers, because you need to identify a number of issues - salaries, liabilities, other asset values, dependencies, etc. - and you need to make sure that the interviews are conducted in a timely manner. We have also used authority declarations for new customers, which have been subscribed by the customer, and are writing to their current mortgage lender to verify all the particulars of their mortgage.
It was fun talking to customers. You' ll get customers who are pretty anxious. Who would you advise to someone who's considering doing this work? It' s vital that you keep an eye on your client's interests, you have to be thorough and have a sharp eye for details to make sure a mortgage claim goes well.
Having passed all CII Financial Planning Certificate examinations, I have advised customers on investments, estate taxes and pensions for 3 years. And then I went to the city and now I'm consulting big institution customers on how to put their money in. I have gone from consulting over £100,000 mortgage loans to consulting over £1 billion investments bank.
As a mortgage advisor you have a great deal of freedom and you can often start a carreer around your ancestor. You can pay very well, but you must be able to find your own customers. As an independent consultant he does not always offer a constant salary.
During the recent turmoil in the economy, for example, the number of buyers of homes and debt rescheduling, as well as the amount of available lender equity, has fallen significantly, making the consultant's job more difficult.