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Wednesday, March 19, 2014

How To Be a Mortgage Broker

Thousands of homes are sold every day. Even with a troubled economy, buyers still need mortgages for their newly purchased houses.

A mortgage broker acts as an intermediary who assists in searching and negotiating the financing of mortgage loans on behalf of individuals or businesses. Mortgage brokers do not close and fund a mortgage with its own funds (often confused with mortgage bankers), they negotiate and facilitate transactions between clients and bankers.

Have you always been interested in the real estate business and mortgage industry? Are you looking for a new career path? Being a mortgage broker can have great income potential and time flexibility.

Assess Your Strengths and Qualities
  • Trustworthy
  • Detail-oriented 
  • Salesmanship
  • Strong oral and written communication
  • Assessing the market
First, it's important to find out if this is the right career path for you. Learn your strengths and weaknesses that may be applicable to being a mortgage broker. A big part of being a mortgage broker is having a natural skill of talking with people, making right decisions, and finding the best solutions. Strong salesmanship can determine whether a mortgage broker is successful or not. You also must establish trust between your clients. They will be entrusting you with all their confidential information and finances.

Find Out Licensing Requirements For Your Service Area

Like with most professions, you need to be properly licensed in order to become a mortgage broker. There are certain licensing requirements for different states and provinces, even if you work for a firm or for yourself. Below are a few places you can find this information in regards to licenses.

Education and License Testing

Along with getting licensed, you also need to go through an education course to learn the fundamentals, laws and regulations of mortgage brokering. You will need to pass the licensing examination which will test you on your knowledge of the mortgage banking and loan industry, as well as government regulations and state laws.

Get Credentials

Separate yourself from the pack. Having professional certifications will assist you getting a job with a broker group, establish stronger credentials with clients, pad your resume/portfolio, and best of all, may increase your income. Here are some credentials we recommend.

Start Your Business

If you decide to be an independent mortgage broker, there are a few options:
  • Lease an office space and hire employees
  • Work from your home office
  • Work under another broker
  • and/or a combination of all the above!
Have you thought about becoming a mortgage broker? Some states, such as Arizona and California, require you to obtain a surety bond. This bond is called a Mortgage Broker Bond.

Call us at (800) 452-2663 to speak with one of our helpful customer service representatives to assist you on your bond today and get started with your new career! 



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