Become a mortgage broker – what is the job of the mortgage broker and how does one become a broker? A mortgage broker is a person who is a trained professional that represents people seeking home mortgages and helps them find the mortgage that is right for their needs. To become one, you must earn a license in the state in which they provide mortgage services.
When you become a mortgage broker your main goal will be locating acceptable mortgages for the home buyer. Sometimes the mortgage situations where clients desire a broker to help are challenging. Some examples are first-time home buyers, people with bad credit who want to buy a home, small commercial developments from which traditional lenders may shy away. This provides a real opportunity for a person to become a mortgage broker and assist people, upon licensing, in a unique way: find that mortgage that will satisfy their unique mortgage need completely and still provide them a great deal on the loan. It can be a very satisfying career to become a mortgage broker.
How does a mortgage broker help their clients? Some brokers are not affiliated with any specific mortgage lender; they are free to shop for the best deal for their clients. Since the mortgage broker is an expert, they will be aware of many routes to take in obtaining the right mortgage that might not be identified easily. If the broker does not obtain a mortgage for the client, they do not make money; therefore, they must know all the ins and outs of locating difficult to find mortgages. When you choose to become a mortgage broker, your income will be a direct result of how much you help people.
What sort of income could you expect? That depends upon you. Many mortgage brokers earn well over $100,000 per year. In 2004, it is estimated that over $18 billion was earned by brokers in mortgage commissions. That is a lot of money! This is a lucrative profession!
To become a successful mortgage broker, a background in selling can be helpful. Knowing the mortgage process inside and out is necessary and can be learned by working at other jobs in the loan industry.
A broker deals with people’s home mortgages and their finances, so most, if not all states, require licensing. Not just anyone can hang a shingle out. The broker licensing laws vary rather drastically from state to state, but all are intended to provide protection to the consumer and prevent charlatans from opening offices which do not actually help the mortgage consumer. To become a mortgage broker, you will need to learn exactly what your state requires to qualify for broker licensing.
In 1973, the National Association of Mortgage Brokers (NAMB) was formed to provide professional broker certification for mortgage professionals. This broker organization provides ongoing education for brokers, resource for anyone who wants to become a broker, as well as certifications. For listing of exactly what the NAMB offers to those who wish to become a mortgage broker or people who wish to continue their broker education, visit http://www.namb.org.
For people who wish to work a varied schedule and even work from a small home office for a majority of their time, the broker business can be a godsend. Paperwork and research can be accomplished any hour of the day or night. While most brokers keep an office in a professional building, with a good answering service, many find they can work from home except for client meetings. Flexibility is a big plus if you choose to become a mortgage broker.
If you are wondering what to do with the rest of your life and want a career in the mortgage industry, consider becoming a mortgage broker and begin your high-powered financial career today!
The Mortgage Business
Mortgage Industry Jobs
Becoming a Mortgage Broker
Obtain a Mortgage License