Broker in Focus: Emily Franks, of Emily's Mortgage Services, on building a brokerage, and why no broker should go it alone
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
This week, Mortgage Introducer is featuring Emily Franks (pictured top), director of Emily's Mortgage Services, who built her brokerage from a chance encounter and a friend's encouragement. With more than 15 years in finance — including a decade at Lloyds Bank — Franks made the leap into broking in 2020, just as the country entered lockdown. She has since established her own firm in Norfolk, driven by a belief in community, collaboration, and doing right by her clients.
In the interview below, she speaks candidly about the loneliness the job can bring, the affordability pressures reshaping the market, and how she once saved a client's home and business from repossession against the odds.
Full name: Emily Franks
Job title: Director
Company: Emily's Mortgage Services
Number of years in the industry: 6
Location: Norfolk
How and when did you become a mortgage broker?
I became a broker in 2020, right before we went into lockdown — talk about chaos! I have been in finance for over 15 years now. With a 10-year career at Lloyds Bank, I went over to a large corporate estate agent to learn a new skill and bumped into an old friend who was a broker at the time with the same agent. He told me to go and get my CeMAP because I would be great at it. We sadly lost him in 2020, just after I started out. Four years later, I decided to set up my own brokerage after working for a small DA firm. Without Jon's encouragement (friendly bullying!) I wouldn't be here, and I hope he is proud of me! I now can't imagine doing anything else.
In your opinion, what has been the most positive development in broking?
For me, it's seeing brokers actively support each other. I have never met a more welcoming and friendly bunch of people in the industry. Even though we're all out here trying to run businesses, I'm very lucky to have other brokers to lean on for support, and vice versa! This job can be exceptionally lonely, and tricky cases can sometimes cause you to go a bit criteria-blind. We all have our strengths, and it's wonderful to see healthy competition but also knowing someone will have your back if you pick up the phone! If you are feeling lonely, go and join a Facebook group for brokers — you'll find a friendly face!
What challenges do you see currently facing the industry, and what solutions would you propose?
Other than the volatile market?! Affordability is a big one. Quite a few lenders are enhancing income multiples, but others could do more. Salaries haven't kept up with house prices, and that makes it challenging for everyone to keep the housing market moving. Rent is skyrocketing, making it harder for clients to save good deposits, but luckily we have seen lenders move into higher LTV spaces. I think the government needs to really consider looking into stamp duty — whilst it's lucrative for them, it's a huge payment for clients who are moving homes. We need to make the process cheaper in that respect.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Saving a client's home and business from repossession is one that always sticks in my mind. Another broker had done a bridging loan and produced an ESIS for a lender that wouldn't take the semi-commercial element into account. It was a nightmare, but fixing it was not only a learning curve but also a personal win, as it was actually referred to me by a BDM at a lender. To be trusted with such an important case was a really nice feeling. The property was a family home with an agricultural business on the land. I put the research and effort in, and Swansea BS came to the rescue. To say the clients were relieved was an understatement.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Build a network of brokers around you and don't be afraid to ask for help. I was so worried I wouldn't know enough, but quite honestly, everything changes so fast in this industry that you will never keep up — so just know your basics and do your research. BDMs are a huge resource too. In my early days, I was always picking up the phone, and whilst it felt time-consuming, you can learn so much from them! I also think finding brokers who specialise in areas you might not be confident in is really valuable. For example, whilst I do commercial and bridging, I have a broker friend who is an expert in it, and she is always there to lean on if I get stuck!
Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are Max Harris of Bright Box Financial Services, Matthew Jackson of Mint FS, Helen May Allman of Home Me Mortgages, Kane Powell of Heron Financial, Marcus Robinson of Mortgage Style, Natalie Hines of Premier One Mortgages, Joe Stallard of House and Holiday Home Mortgages, Sam Ewen of Rosehill Financial Services, Stuart Mosley of SJ Financial Solutions, and Andrew Watson of Echo Finance.
Are you a mortgage broker interested in being featured? Email the author with your details.
