How do I become a Mortgage Broker?vgna?

Question

Studies, licenses needed in state of NJ, NC, FL, and NY, amount of money if any

Answer 1

i think your confusing the licence thing with a series 7 that you would need of you sold stocks, bonds ect ect.
To "become a mortgage broker" you just need to start applying to places. They are ALWAYS looking for people, reguardless of how many people they have. I dont know how much you know about the field, but it can be VERY lucridive, or you can make no money at all .Do you have ANY sales exspeirence? They usually want to see that. I was selling cars before I went into mortgages.
however i have worked with some fabulous people that went into
it with out any sales exspierence. you just have to the right person
for the job, ya know? Now, you can make a lot of money doing this, however sales is not for everyone, ive seen so many people
get frustrated and leave/get fired for not producing units. its still
a sales-orientated position.
here s a basic breakdown for the job:

You will be a Loan Officer/Broker(they call the position either or)
Your main job is to generate business for the company you work
for
It will be UP TO YOU to generate your own "leads" (customers)
you will have to pay for and manage your own marketiing stratigies
it on average takes someone a couple of weeks 2-3 monthes
before they start seeing any real money, so I hope you dont have
to eat before then;)
You will get a commision of 45-50% of the points you charge on
a mortgage(points buy down the interest rate) these are things
you are going to have to learn the verbage, otherwise you'll get
pretty lost.
There is NO base salary for this job strictly commsion and you
will have to file 1099's as apposed to w2's so get good accountant

if you have not done this or sales before I SUGGEST you to not
jump into brokering. its alot to be responsible for and im telling you that you will get frustrated and leave. I SUGGEST start out as working as a "loan originator" at a brokerige, this will give
you insight into the business and you will get comfortable on the
phone---wich is 90% of the whole job. do this for a year. then move onto a bank and work as a bank rep/loan officer. they pay
a little less(i do that now and i get paid on volume, i still make
6 thousand a month---i do pretty well) you will be at the next step
the pluses are that you WILL get a salary and benefits there
and down the road, when you are ready, then go to a broker

best of luck and feel free to email me at [e-mail] if u have any other questions

Answer 2

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* So You Want to Be a Mortgage Broker by Ameen Kamadia
* Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag
* The Mortgage Originator Success Kit: The Quick Way to a Six-Figure Income by Darrin J. Seppinni
* Complete Idiot's Guide to Success as a Mortgage Broker by Daniel S. Kahn

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

you may pick to change right into a private loan officer, this entitles you to artwork lower than somebody else's license. some businesses practice you and furnish a earnings, others are purely instantly fee and provide help to come back and bypass as you please. suggestion: a million. you pick to benefit about the business enterprise, the verbiage and so on. get a loan be conscious list and learn many of the words. 2. detect a business enterprise to artwork for which will enable the scheduling that you pick. now and again they furnish leads . 3. learn as you bypass. Being a private loan officer is particularly ordinary. You particularly a lot take an application , put up it to different lenders, attempt to make money on it and close it. There are sales skills in touch too:) if you're good on the phone and continual you'd be triumphant. good success!

Answer 4

I live in Miami, Fl , and to become a mrtg. broker, you have to take a class that prepares you for the test, and then you take the state exam... I'm taking the class in a Miami Dade college... A lot of companies pay salary and/or commision... So, you can make from $50,000 to 150,000... or more... And the houses here on average cost $400,000... So, it's definately a good field to enter...

Answer 5

I believe in NJ, to be a registered branch office of a mortgage company it will cost you $1,600 and if you want to do 2nd mortgages it is an additional $1,600.

Answer 6

Go net branch. It is the easiest way and someone else takes the risk. Look it up on line.