Michael Goldman Mortgage Adviser

Mortgage industry 1999 to 2008

Shortly after leaving university I entered the mortgage industry as a mortgage adviser. This was prior to any form of regulation or qualification which meant that as a 24 year old with zero experience in the industry and not even having a mortgage myself – here I was advising clients (much older, more experienced & more successful than me) on their mortgage. It was definitely a steep learning curve!

In 2000 the voluntary mortgage code of conduct was introduced and then shortly after that so were mortgage qualifications (CeMAP) which I duly obtained.  After the mortgage code came the FSA (Financial Services Authority) and full regulation, qualifications and continued professional development. The FSA has now been replaced by the FCA (Financial Conduct Authority).

The following years saw the formation of Goldman Group where we became one of the largest producing mortgage brokerages outside of London, won several national industry awards.

British Mortgage Awards
2006 Winner Mortgage Broker of the year – mainstream category.
2008 Winner Mortgage Broker of the year – mainstream category.
2006 Runner up Mortgage Broker of the year – large loans.
2007 Runner up Mortgage Broker of the year – mainstream category.

Shortly after this in 2008 the mortgage industry changed forever. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a “perfect storm”, which led to the Great Recession. Mortgage lenders withdrew from the market making it impossible for mortgage brokers to survive….it was time for a change!