Become a Mortgage Broker

With the attention on real estate markets rising across the world, mortgage brokers are wanted more than ever before. Being a mortgage broker is a highly rewarding and exciting job. If you consider yourself as an ambitious and hard working individual with excellent interpersonal skills then becoming mortgage broker could be the right career choice for you. But before you jump on board, determine whether you have all the qualities of a good sales person. Previous experiences in a sales related job will always be beneficial. Can you express yourself clearly and convincingly? Can you work with difficult individuals and under stressful situations? Are you ready to do strenuous paper work? Are you disciplined, self-confident and ready to be your own boss? If your answer to these questions is “Yes!” then your dream of becoming a successful mortgage broker is not very far.

As a mortgage broker your job will basically involve attracting clients via strong marketing techniques, assessing your clients’ affordability and credit history, surfing the market to find loans that suit your clients and gathering all the paper work for the mortgage. A common misconception is that a mortgage broker is synonymous with a mortgage lender. Quite on the contrary, these two professions are completely different: A mortgage lender is the person or institution that provides the money for the housing loan. This could be a bank or any financial institution. A mortgage broker only bridges the lender and the person seeking the loan.

If you want to become a mortgage broker then the first thing you need to do is finding out your country’s requirements for mortgage brokers. These requirements are vastly different from country to country and also from state to state in the US. For example, to become a mortgage broker in the UK you are required to pass the Certificate in Mortgage Advice and Practice (CeMAP) exams. In comparison the State of New York, USA, you need to be licensed by the New York State Banking Department. In the State of California, USA, prospective mortgage brokers have the choice of registering with either the California Department of Corporations, under the California Finance Lenders Law, or the California Department of Real Estate. The rules and regulations imposed on the broker will vary according to the approach taken.

Your next step should be to educate yourself! Join a university course or take classes at a local community college if you are under a tight budget. Make sure to read a lot of books written on mortgage brokerage, law and real estate business in general- remember that knowledge is power. This should make you ready to take your licensing exams. Once you pass these with flying colors you are ready to apply for your dream job. Contact a well reputed mortgage lender and inquire about job opportunities in their firm. Best of Luck!