Howcan I become a mortgage broker?
86692
Before I can answer this, I need to differentiate between three types of professions that are confused with a 'Mortgage Broker'. 1) A Loan Officer is not a Mortgage Broker. Loan Officers may work for Brokers, and a Broker may originate loans as a loan officer. 2) Real Estate Agents are not Mortgage Brokers. Real Estate Agents facilitate the transaction between the buyer and the seller of a property. Mortgage brokers facilitate the transaction between the buyer and the lender. Real Estate Agents are not Mortgage Brokers. Mortgage Brokers may be Real Estate Agents. 3) A Mortgage Lender is not a Mortgage Broker. A Mortgage Lender underwrites a mortgage loan for an investor, then lends the money to the borrower for the purchase/refinance of a property. A Mortgage Broker brings borrowers to the Mortgage Lender.   Whew!\n\nMost states require a Mortgage Broker to have at least three years experience in the mortgage industry. Most states require you to be licensed, and to have a 'brick and mortar' office location in their state. One infamous state that doesn't is Colorado. Most people who become brokers started off as Loan Officers. Loan Officers generally work on commission and are the 'sales people' of the mortgage industry. They are the ones making the cold calls, doing the footwork and selling the loan products offered by the Mortgage Lenders.
150142
mortgage lender is one who physically gives you the loan (i.e. bank of america, wells fargo, etc.)  Mortgage broker is someone (middle-man) who goes to the lender and negotiates a loan for you.   They will find a loan that fits your situation to include the rate you want, payment, length and so on.  They get paid on a premium from the loan they sell you.  The best part about using a broker is  they can usually get you approved for just about any situation credit-wise, though some brokers can't get you the most 'ideal' rate, but some can.  A good broker you might try is Quicken loans.
37155
YOu have to be 18 to open a brokerage account. A parent or guardian can open a custodial account for you. I'm opening a custodial account for my 7 week old baby.
873720
Just phone up any mortgage company and ask them. If they don't do it themselves they might know who will.\n\nJems xXx
1127464
I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation.I specialize in Re-Fi's, Purchases,  Home Equity Lines and Home Owners Insurance. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph Correa Licensed Mortgage Broker
103200
Try Gold Coast Real Estate School. Here, www.goldcoastschools.com/\nAlso FREC may help (Florida Real Estate Commission) They're teh ones who make the educational reqiruments. I was thinking about getting my mortgage broker lic after my sales lic.
139408
The best way to do this is decide what type of agency with which you want to work. A franchise or a independent shop, a big player or a small operation. After determining that, see which of those have a presence in yor area and go talk with the broker of record.\n \nInterview them about their policies and what they expect from a new agent. Ask about training and mentoring programs. Speak with them about their competition, ask who they respect and think would be a good company to join if you didn't join them. Contact the local board of Realtors and ask if there have been any issues with the company as far as ethical compalints. \n\nAsk for their references, agents that are no longer working their, maybe see if you can speak with a couple of past customers about the level of service they provide.
676035
There are several different ways of gong about getting educated to be a stock broker.  The best way would be to get a degree in finance and or economics at a university.  However, you don't actually need a degree to become a broker.  All you have to do is pass the NASD Series 7 and 66 exams to be one.  The test prep books that are sold for these exams cost a few hundred, but should suffice in getting you the license, but without a good education your effectiveness at giving advice will be a roll of the dice.
855758
Remember that recommending stocks is a highly regulated industry and comes with a huge amount of legal and financial liability.  You cannot just become a broker without having the appropriate capital, licenses, exchange seat, personnel, hardware and knowledge.  \n\nI fear that your naivite means that you have not researched this too well. I warn you to not be so cavalier in your approach as it can cost you everything.\n\nIf you are serious about becoming a "broker", perhaps there may be an alternative. If your country's regulations permit, it may be worthwhile to become a sub-broker or "remiser" - which allows you to act as a broker with some benefits of having the infrastructure of a bank behind you.  If you live in the US, you are SOL.
1024609
In most cases, you don't need special education or background.  However, previous experience in sales, finance or real estate help.  I would suggest you look for an online or attendee type seminar.  If you research it, you'll find several.  In some states you may be required to obtain a mortgage loan officer license.  You can usually contact the Department of Real Estate in your state for that confirmation.  Many mortgage brokers and lenders will hire inexperienced loan officers and offer them a significant amount of training, however be aware that most do NOT offer a salary.  This is a commission based industry and most companies require you to work without compensation until you produce your own loans.  That can mean 2, 3, or 4 months without an income.  It's tough and there's a lot of turn over in the industry as a result of that issue.  If you have some experience in sales, finance or real estate...some lenders, like Countrywide and Wells Fargo as an example may hire you and give you the training AND pay you a small guaranteed salary for a period of time until you are on your feet.\n\nGood luck.!
1131419
try mortgage loan officer
1079239
Most local mortgage brokers' offices need processors, and in that setting you'd also likely have a lot of opportunity to move up in the organization.  small businesses often provide more opportunity than bigger ones, especially for someone with good experience like you have.
456781
Please don't go the "cheesy" route; IE: DITECH\n\n   Your business depends on a client base that is in need of housing certainly, but more important than that perhaps is,,, how active is the "Market" in your area?\n\n   Have you linked up/networked with any well established, possibly return customer, Realtors?\n\n   I enjoy investing in Real Estate, and/or at least constantly shopping it and any options for buying. I don't know the lattitudes you are able to offer as a Mortgage Broker however. Do you own the business? Is it already a well established business? Is it in a decent location?\n\n   Again, I don't know your allowable range of options within the framework of the business, but you might look into offering as many options to buyers as exist,,, IE: SHIP, etc. It may also serve you to offer a customer a referral to another type of lender once in awhile, depending on your ability to loan to them, or their abilities to get a loan.\n\n   Certainly you can do balloons and flyers, radio spots, TV, change the "CURB APPEAL" of your office, change the signing, advertise more extensively in the Yellow pages, hire some clown in a themed suit to stand outside,,,NOT,,,LOL.\n\n   Networking with other brokers and especially with Realtors, who in turn might recommend you to prospectives, might be the better way to go.\n\n   There is no fear that I can see, that the market is going to fall apart anytime soon,,,even with over escalation of prices,,,and no matter that, there isn't anymore land,,, per say.\n\nRev. Steven
1075633
This is a great question!!  First of all, I'm amazed at how people WITHOUT any experience in the mortgage lending industry are offering advice to people about one of the most important issues in their life!!!  I am the General Manager of a large Mortgage Company.  Please listen!!!!!!\n\n1st of all....Congratulations on realizing that real estate is where the security of your financial being is centered!!  There are MANY programs that allow you...even a college student...to purchase a home.  I'm going to make a few assumptions.  1) Your credit score is higher than 620 and you have no serious collections over a period of the last 12 months.  2)  You can provide proof that you've been employed for at least 2 years.  3)  You're a citizen of the US.  4)  Your credit card HIGH LIMIT on at least ONE of the cards is $1000 or higher.  (If it's not, ask them to increase it to at least $1000)\n\nContact any reputable mortgage BROKER and explain your situation.  Typically, it's a broker than also has the ability to do FHA loans, though you don't HAVE to get an FHA loan.  They are monitored by the government to a greater degree and MUST be reputable!  There are MANY programs that offer 100% financing to you...that means, you will only have to pay the closing costs for the loan AND if you ask your real estate agent to locate homes where the owner is willing to provide SELLER CONCESSIONS, the seller can even pay the closing costs FOR YOU!!  MANY MANY sellers are willing to do this since it helps sell the home faster!  \n\nIF you can get a business license for ANY job or home based business through your city or county, no matter if you actually do any business through that company or not, and if you can show that you've had that business license for at least 2 years...sometimes a little less...you CAN QUALIFY FOR A "STATED" LOAN.  This is a loan that simply lets your credit score do the talking for you.  The lender assumes that you have a reasonable income (which you will "state" to them...whether it is true or not) and you don't have to provide proof of it!!  In the industry it is called a Liar's Loan.  A cute moniker that does not mean the loan won't be done.  Lenders understand that it is simply a tool that homeowners use when they can't prove their income.  The weigh the credit score and history against the risk of the overall loan amount.  Assuming your credit score is greater than 620...and it probably is much higher than that, you'll be fine.  The lender may need to see that you have 3 - 6 months worth of mortgage payments in the bank, so you're $7K will come in handy.  This is the only income verifcation they will do.\n\nInterest rates for this loan are a little higher, but not by much.  However, you can expect the overall rate to be higher than normal simply due to the low loan amount.  Any loan smaller than $100K incurs a higher interest rate.  It wouldn't be unusual for you to pay as much as 8 - 10%.  However, as scary as that sounds, keep in mind that the loan amount is VERY small (relatively) and the payments are stretched over 30 years, so the impact of a high rate on a small loan amount is negligible (comparatively).\n\nAs an example.  \n$40,000 @ 7% = $266 pmt (principle & interest)\n$40,000 @ 8% = $293 pmt\n$40,000 @ 9% = $322 pmt\n\n$30 per 1% is negligible!!\n\nIf you don't have a business license or don't want to wait that long, consider getting a co-borrower, like another party....mom, dad, sister, friend, etc.  With both of your incomes, you'll more than qualify for a standard, Fully Documented loan (Full Doc) where you have to prove your income with W-2's, etc.  After the loan is completed and closed, the other party can sign a QUIT CLAIM DEED at a title company and remove themselves from the title of the property.  They will still be a responsible party for the loan itself, but not have any rights to the property.  After 1 -
435704
If you have no title or closing experience period, then I would suggest you apply for an entry level position at a mortgage company, title company or bank.  To the best of my knowledge, there aren't any classes you can take.  Try Lorman Education Services.  They offer classes in various industries.  Good Luck!
106740
I believe you can.  I work for a mortgage company.  Perhaps we can help you.
239189
It's not easy, and without more information I cannot give you direct advice. But visit the mortgage Professor - you'll find a link to his website on mine.\n\nSee source pages below.\n\nGood luck!