Want To Become A Mortgage Broker? 4 Things You'll Need To Do

A mortgage broker is an individual who looks at mortgage loans products and then provides customers with advice about which loans they may be interested in. A mortgage loan broker looks at things such as interest rates, terms, and qualification requirements and uses that information to help their customers choose a loan. 

#1 Take a Pre-Licensure Program

To become a mortgage broker, first, you have to take a pre-licensure program. This program will get you familiar with all the federal and state laws that govern the loan industry. You will also learn about your ethical obligations to your customers as a mortgage loan officer. This program will also help increase your knowledge of the overall mortgage process. The National Mortgage Licensure System or NMLS offers the pre-licensure program, which is one of the first steps to becoming a licensed mortgage loan officer.

#2 Take the National Safe Mortgage Loan Originator Test

After you take the pre-licensure program, you will need to continue your studies before you take the National SAFE Mortgage Loan Originator Test. This is a national test that everyone who wants to be a loan officer has to take. The test is offered throughout the year, making it easy to sign up and take the test once you are comfortable with all the national information. It is important to note that your test will also have a special section that is dedicated to the state where you want to be a mortgage broker in. These state-specific question will feature questions that test your knowledge on the particulars of the rules and regulations regarding mortgages in your particular state.

#3 Take Continued Educational Classes

Getting your licenses is not enough, you also have to stay up-to-date about changes in the field. In order to retain your license, you will need to attend a specific number of continuing education classes each year. The number of hours of continuing education required varies by state; however, some continued education is required in every state to retain your mortgage license.

If you want to be a mortgage broker, you need to take a pre-licensure program, pass the National SAFE Mortgage Loan Originator Test, and keep up with continued education about the mortgage industry. If you want to work for a bank or credit union, you will also have to undergo a thorough background check and potentially additionally licensing requirements. Completing all of these requirements will set you up for a career in a growing field and find mortgage jobs now.

Share