I'd like to start something out of my home and thought this would be a new challenge. How hard is it to get in? What initial procedures do I need to take in order to become a mortgage broker?
2006-12-27 15:50:57 · 7 answers · asked by gs400cww 2 in Business & Finance ➔ Renting & Real Estate
My son's father-in-law took a class and worked for a while under other brokers. Then he left. Today, he's got his own business. But that was back in the seventies.
2006-12-27 16:05:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You would want to become a loan officer, this entitles you to work under someone Else's license. Some companies train you and offer a salary, others are just straight commission and let you come and go as you please.
Advice:
1. You need to learn about the business, the verbiage etc.
get a mortgage glossary and study some of the terms.
2. Find a company to work for that will allow the scheduling that you need. Sometimes they provide leads .
3. Learn as you go. Being a loan officer is pretty simple. You pretty much take an application , submit it to other lenders, try to make money on it and close it. There are sales skills involved too:) If you are good on the phone and persistent you will be successful.
Good luck!
2006-12-30 02:28:59 · answer #2 · answered by sunshine24 3 · 0⤊ 0⤋
Please don't listen to all the naysayers above this response. I am a real estate agent AND a loan officer. The requirements to become a mortgage broker depend on the laws of your state, so you should probably check with the department of banking. But to start out, I recommend being a loan officer for a while first. That way, you can get a taste of the mortgage business without having to shell out any money. On the other hand, you won't get paid until you close a loan, because all loan officers get paid on commission. I currently do loans nationwide, so if you'd like to get started working with me, I can provide free training and all the materials you need to get started from home. You can reach me anytime at raquel@raquelmangual.com. Good luck!
2006-12-28 01:22:36 · answer #3 · answered by phillybusinesswoman 1 · 2⤊ 0⤋
Look at some in the industry and re ask the question, lmao, actually it is easy to get in the lending business. Staying in and doing well is where things begin to get more difficult. Many lenders these days are ruining the business by focusing on rebate and selling predatory loans. Most have no financial planning skills and have no business preparing loans for people. Realtors are quite the same in many ways as they too are in it for instant gratification and have forgotten about providing service worthy of their fee. Go to a library and check out the loan officers handbook by Stephen Driscoll. Read that and you will see what anyone in the mortgage business should know to do a compliant job. Lastly it is my opinion that within a few years a huge percentage of loan officers and real estate agents will be back selling used cars where they belong.
2006-12-28 00:28:45 · answer #4 · answered by Kevin H 4 · 0⤊ 0⤋
I took a course in the past called Financial Math. I'm not sure what other universities call it, but it teaches you how to calculate loans, mortgages, notes and other forms of lending by using different types of interest rates like net present values, simple interest, compound interest, semi monthly interest, and so on. This would be a good place to start. Next, try to get a position at a bank, credit union, or other institution that specializes in mortgages.
If you're really good at it, you could become a real "homey" or a "loaner" from working too hard!
2006-12-28 00:11:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You cannot work as a mortgage broker without working under another's license unless you have a license yourself. Therefore, you must be willing to have another mortgage broker hire you and agree that you can work from home unsupervised. You can get into a lot of trouble dong this without a lot of training.
Now, for qualifications, with or without a license:
1. Have a pulse
2. Have no conscience
3. Be carbon-based
4. Practice lying to and mis-leading people all day
5. Have a pulse
If you want to make money doing mortgages, get up out of bed and go to work for a reputable direct lender like Wells Fargo, Countrywide, Washington Mutual, etc.
No one is going to pay you to work from home unless you are willing to totally screw people over. What you will find out is that there are a lot of mortgage brokers who say they are willing to hire you to work from home, and then they screw YOU over!
2006-12-28 00:12:35 · answer #6 · answered by Realty Shark 4 · 1⤊ 1⤋
All you have to be is a good liar and able to screw people over without remorse. Every mortgage broker I have ever tried to deal with has done just that.
Sorry, just bruiting over a past (very unpleasant) experience. Just had to vent. Please try to break the mold and be honest with your customers. Good luck in pursuing your new career.
2006-12-27 23:54:14 · answer #7 · answered by Peanut Butter 5 · 1⤊ 0⤋