How can one be a mortgage broker?

 

Becoming a licensed mortgage broker can be one of the life-changing career moves. More and more people are turning to be a mortgage broker to help them in securing a mortgage rather than dealing with the big banks and that means that the industry is constantly growing. With outstanding earning opportunities and a flexible work environment, it is a career that is rewarding, exciting, and finest of all. In this, you will assist people to get the outstanding mortgage possible and help them in achieving their home ownership goals.

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Steps that one needs to follow to be a mortgage broker

One need to follow these steps to be a mortgage broker such as –

Step 1 – One need to earn a high school diploma or GED

While the loan officer position customarily requires a bachelor’s degree to meet the education requirements, you will only need to have a high school diploma before starting your training for a mortgage broker position. In case, if you do not have your high school diploma or GED, consider taking classes at your local community college or using online resources to study for the GED exam, which can be taken either online or in person. Once you have this credential, you will be ready to start your mortgage broker training.

Step 2 – Obtaining a mortgage broker license 

To meet the qualifications for mortgage broker careers, you will also require a license. Before you take the licensing exam to earn a mortgage broker certification, you will need to take a course to learn the admissible laws, guidelines, and skills for mortgage brokers. The National Mortgage Licensure System (NMLS) endeavor 20-hour courses that will prepare you for the licensure exam. The exam is also directed by the NMLS. The NMLS fee to be a mortgage broker varies by state but is usually around $1500. Once you pass the exam, you will be ready to take the next step in becoming a mortgage broker and thus getting a job.

Step 3 – On-the-Job Training

After you become licensed as a mortgage broker, you will still require to gain practical experience through on-the-job training. Once you are hired by a brokerage firm, you will likely spend several weeks working alongside an experienced mortgage broker and learning from them. This will aid build the skills you require to eventually work independently to search for mortgage loans for your clients. 

These are some of the steps following which one can be a mortgage broker.

 

Location: 1320 Willow Pass Rd, Concord, CA 94520, USA

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