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Mortgage licenses are required for many jobs in the mortgage industry. The first step toward this career is to obtain your license. Depending on which state you plan to practice mortgage lending, you may not need a license, or you may need different types of mortgage licenses depending on what types of mortgages you will offer. Even if your state does not require a mortgage license to practice, many individuals and businesses look for a licensed lender before they entering into a relationship with that lending company.
In many states, such as Florida, where real estate has boomed over the past several years there is a written license examination required to received a mortgage license, along with a set license fee that is non-refundable. This exam, given by the Florida Department of Finance, ensures that the individual has adequate knowledge of legislation necessary to obtain a license to practice in the state of Florida, as well as relevant knowledge regarding Truth In Lending Acts and any other federal legislation that may be necessary to know to obtain a license for the mortgage business.
It may come as a surprise to anyone interested in a mortgage license, but many states also require that those interested in mortgage licenses also pass the examination with information regarding real estate in that particular state. Since without real estate there would be no mortgage business, it is a necessary evil to be well-versed in the rules and regulations of the real estate industry for the state where you would like to obtain your license.
One major license factor you need to look into is whether or not a state requires you to have a physical office in the actual state in order to hold license there. The Internet lending business has increased tremendously over the past few years, and many mortgage companies do not have a physical office in the actual state where they are lending money to borrowers. This is definitely a productive way to put your mortgage license to good use, but be sure you know the regulations of your state before you begin composing an internet site or giving customers access through a toll free phone number. Although this can be profitable in the long run, you want to make sure what your mortgage license covers in the state where you practice, so you will not be fined, or have your license taken away.
Since mortgage brokers and mortgage companies are usually considered financial institutions, the information you need to find out regarding license requirements for your state will most likely be available through the stateís finance department website. If you do not have regular access to the internet, you should also be able to call your stateís finance department and they can point you in the right direction to locate license information.
The mortgage business is a great place to begin earning a living or building a business as a mortgage lender. If you are interested in learning more about the license, it may also be helpful to speak to someone already in the mortgage industry who is looking to hire a broker. Those who have spent a great deal of time in the mortgage industry will have a better understanding of state regulations in regards to mortgage licenses. Itís important to use the tools you have before you get started, so you begin your new career in the mortgage industry on the right foot by researching license regulations.
The Mortgage Business
Mortgage Industry Jobs
Becoming a Mortgage Broker
Obtain a Mortgage License