HOW TO BECOME A MORTGAGE BROKER
Mortgage brokers serve as intermediaries between real estate buyers and institutions that offer home loans. They research the mortgage market to identify the lenders with the best interest rates and advise buyers accordingly. An academic background in mortgage banking and strong analytical and negotiation skills are helpful in starting a career as a mortgage broker.
Improve your knowledge
Aspiring mortgage brokers need a combination of real estate and banking knowledge to competently perform the tasks that come with the job. Several colleges, such as North Lake College in Dallas, offer an associate's degree in mortgage banking, which gives students a solid foundation in the field. Individuals with an associate's degree in sales or marketing and some relevant work experience can also enter the profession.
Master the skills
Exceptional negotiation, communication and customer service skills are critical to the proficiency of mortgage brokers. They must offer efficient services to their clients; advise them on choosing the right mortgage loan; and negotiate the best mortgage rates with the lenders. Aspiring mortgage brokers must have strong analytical skills to evaluate clients' financial documents and obtain an accurate picture of their financial status. Other important qualities for mortgage brokers include good mathematical, organizational, and interpersonal skills, and a high level of attention to detail.
Mortgage brokers must have a specific license from the state to practice. Although many states require licensees to apply through the National Mortgage Licensing System, others, such as Hawaii and California, have state licensing agencies. The rules for obtaining a license vary by state. However, applicants generally must pay a fee and pass a criminal background check and licensing exam. To demonstrate their competence to clients and employers, aspiring mortgage brokers can obtain the certifications offered by the National Association of Mortgage Professionals.
Find a job
Mortgage brokers often work for financial institutions that offer mortgage services, such as commercial investment banks and credit unions; independent brokerage firms; or financial consultants. Brokers who gain vast work experience and earn an advanced qualification, such as a bachelor's degree in business administration, can become mortgage servicers. Others may establish their own mortgage brokerage firms.