The mortgage intermediary market is facing a potential recruitment crisis due to a lack of graduate mortgage brokers entering the industry.
Unlike many other professions, such as accounting or banking, the mortgage industry does not have a structured recruitment process designed to attract new mortgage brokers.
At present, the industry is awash with mortgage brokers in their 40s or 50s who are nearing retirement and who have little interest in applying new directives from the Financial Services Authority or learning about new advancements in IT.
Because of this, the mortgage intermediary industry is hungry for new talent to take their place.
Trainee mortgage brokers are required to complete a qualification such as the Cemap, but this is only necessary after they have decided to enter the industry. Once trainee mortgage brokers have completed the Cemap there is virtually no compulsory ongoing training required to continue working as a mortgage broker.
The ongoing training does exist, however it depends on the employer as to how much training their mortgage brokers will be required to complete in order to remain authorised.
Despite this, training is not the issue. What the industry needs is a graduate program that will attract young and enthusiastic individuals in the first place and convince them to become mortgage brokers.
Working as a mortgage broker can be a rewarding career with each day different from the last.
Mortgage cases are rarely similar to each other these days as individuals are subjected to a wide range of salary and wage schemes from their jobs. Credit files also vary considerably between mortgage applicants and heavy adverse credit individuals can present mortgage brokers with challenging situations.
As with all industries that experience skills shortages, mortgage brokers have the potential to earn excellent salaries and substantial commission payments. Remuneration levels vary with fully independent mortgage brokers working in a self-employment situation likely to earn more than their employed counterparts.
There are not only exceptional financial rewards on offer for mortgage brokers that are willing to put in the hard work, there are also intrinsic rewards such as helping people, for example, buy their first home.
If you are interested in becoming a mortgage broker contact the Chartered Insurance Institute (CII) or the Institute of Financial Services (IFS) to find out more about the qualifications on offer.