Whether you’re at the beginning of starting your professional life or looking to switch careers it’s always best to look into a field that suits you. Like most people you’ll want a career that’s reliable, offers good pay, is easy to train, and compliments your natural skills. If you’re good with information and people becoming a mortgage broker might be the right move for you! A mortgage broker works on behalf of the lender and borrowing individual. A mortgage broker works with both parties in a transaction by organizing and verifying closing documents that are required to complete the transaction. If you think that this sounds like something you’d be good at keep reading to learn more about becoming a mortgage broker.
Some of the main responsibilities of a mortgage broker include acting as an intermediary between lender and borrower, work to define payment terms for the consumer, educate the consumer on default consequences, originate loans to sell to lending institutions, and verify the income of the borrower. Of course there are many and more responsibilities that a mortgage broker has but these are some of the main ones.
The field that mortgage brokers work in might have taken a hit during the aftermath of the financial crisis but it’s now on a serious rebound. Once you see how much money you can make if you work hard you’ll definitely rethink your ideas of what being a mortgage broker is. Not only does if offer high pay (over time and after working hard) there are several companies out there looking for new brokers. It’s a job that’s decently in demand at the time as the housing industry is repairing itself there are more job openings than before. Companies like National Association of Mortgage Brokers are looking to bring more brokers into the business since demand is higher now than before.
Getting your mortgage broker license is easier than getting licensed or trained in a lot of other fields which is definitely a selling point for this career field. Getting the right education you need is crucial to starting your career as a mortgage broker off right. To become a broker what you need is a high school diploma and 20 hours of training at an approved institution. No college-level degree is needed and with only 20 hours of training necessary it’s a fairly simple process. Get information on the training you’ll need at Commercial Loan Broker Institute. Of course at the end of the training hours you’ll need to pass an exam. Exams vary state to state just as the laws do but the largest portion of the exam is the same nationwide. There are free resources you can take advantage of in order to prepare for the exam just visit the NMLS Resource Center to get all the information you need to prepare for your exam.
Once you’re all trained and you’ve passed the exams it’s time to set out on your new career. As a mortgage broker you’ll need to cultivate a professional image and a great way to do that is with the help of Vistaprint. They offer amazing deals on business cards and personalized marketing materials like brochures, presentation folders, promotional products, and so much more.