A mortgage broker is someone who sells mortgage loans. Lenders and banks work with mortgage brokers to be able to sell mortgage loans. It is the duty of the mortgage lender to attract more clients, finding right mortgage loan plans that are convenient for the clients, collecting of all the documents needed and bringing all of the documents to the lender or the bank. In order to be a mortgage broker, you must have a license to practice.
Here are the ways on how you can get a mortgage license:
- Location. Every state has a different law on mortgage licensing. You must know the things or requirements that are needed for your location. If you are not sure of the requirements, you can check the website mortgagenewsdaily.com. Select your state and view the information for you to become a mortgage broker. Although there are different requirements for each state, most of them have a common procedure in acquiring a mortgage broker license.
- Training. You do not need a college degree to become a mortgage broker but it would be advantageous if you do. You must at least be 18 years old and you must have good communication skills and excellent mathematical skills. You can go online and look for classes and training for mortgage brokers. This is beneficial as it serves as the pre-licensing activity that gets you ready to be a mortgage broker.
- Examination. You can take a mortgage broker written exam when you have finished your training. The multiple choice exam varies from state to state. You will be tested on the different areas of mortgage, such as lending, laws, definition of terms, important aspects in mortgage and the loaning process. You must be able to pass this exam to be able to apply for a license.
- License application. When you have passed the exam, you can apply for a mortgage broker license. Fill out an application form and pay the application fee for the license. To be approved, you must have a clean criminal record and a good credit history. The next step to do when your application gets approved is to secure a mortgage broker bond or a surety bond. This bond secures the lenders when you are not able to fulfill the terms of a contract. The lender will be given monetary compensation.
- Other application options. You can also apply for a mortgage broker license through the Internet. There are a lot of websites that provide services in mortgage broker licensing. One of the best websites is amlicensing.com. They have contacts in mortgage licensing agencies in different states. You can also see the requirements that you need on the website.
These are the tips that you have to follow for you to have a mortgage broker’s license. Before applying for a license, make sure that you have completed all the requirements needed so that you won’t have any problems in the application process and the approval of your mortgage broker license.