If you are a natural born problem solver and are good with people and numbers, a career as a mortgage broker might be right for you. What does a mortgage broker do exactly?
They are contractors who act as the middleman between you and potential lenders. They work with banks and lenders to help their client find the best loan possible for their needs and qualifications.
Salary
The salary comparison website PayScale reports that a mortgage broker’s salary ranges between $29,362 and $197,489 per year, with $51,856 being the average pay.
These figures, of course, depend on where you live and your previous experience. Make sure you are fully aware of the Real Estate market in your area as well as home loan markets.
If you work as an independent broker, you will most likely work off commission. However, if you work with a mortgage brokerage, it is possible you can earn a steady salary on top of commission for each loan.
Advantages
Pay is not everything; it is vital that you are also enjoying the work you are doing. Being a mortgage broker is an extremely rewarding career. If you enjoy helping other people, you will receive extreme satisfaction when your clients get the keys to their new home.
If this is the case for you, becoming a mortgage broker is also a great career for transitioning out of the customer service or sales industry.
Basic Steps
These are the steps that are typically involved in the process of becoming a licensed broker:
Step 1: Take the pre-licensure class
You must be licensed to become a mortgage loan broker. The class you need to take is a 20-hour long class that goes over the state and federal laws you will need to know about financial regulations and ethics.
You can get more information on these classes on the NMLS website.
Step 2: Pass the NMLS test
Now that you took the class, you need to put your newfound knowledge to the test. This exam is called the SAFE Mortgage Loan Originator Test. This test is national, but there will also be a separate test administered for your state. You can take the test at any time of year.
Step 3: Time to work!
Your best bet is to start working with an established brokerage firm in order to establish a clientele and connections with lenders. A pro tip is to look at the job positions and requirements in your desired area before beginning the licensing process.
Step 4: Don’t stop there
Once you obtain your license, you need to keep in mind that the trends in mortgage lending are always changing. These developments change not only on a national scale, but on state and local levels as well.
In order to keep your license current there are a certain number of class hours you will still have to uphold. These are called continuing education courses. Lawyers, accountants, and doctors all must go through this same process as well.
Brokering mortgages requires attention to detail and can seem very demanding, but it is an equally rewarding and fulfilling career.
