I am thinking of a career as a mortgage broker or mortgage originator, I think I know but I am not exactly sur

Question

just what this entails, and I also think it is something you can do from home??

Answer 1

It can be done from home, but you'll not be seen as serious about the business and that will limit your success.

In some states you have to work for a broker, which means out of their offices, for a certain amount of time, and you have to pass a test before you can get your broker's license. There are also federal requirements to meet. Essentially you'll need a Master's of Business Administration (MBA) degree to be successful running your own brokerage.

You can start small, but its difficult. My brother started his loan brokerage at just the right time, and luckily had one customer refer him to another, which snowballed into a lot of business.

It would be harder to start a new brokerage now. The best time to start one is when interest rates are in a steady decline and people are refinancing. We are now looking at interest rates going nowhere but up, so there will be low numbers of refinances, though there will still be the initial purchase loans. Refinances in the "good times" (as far as the brokerage is concerned) are a LARGE portion of your business.

Answer 2

Yuck. Hope you're in a state where homes are actually being sold. Either way, you're taking applications & hoping that your customers have decent credit. I'm sure you could do it from home but you'd have to have some type of way of getting the application info from your customers.