How to Become a Mortgage Broker

If your goal is to become a mortgage broker in the next few years, you can take classes online, or even out your local college, to get this done. There are certain tests that you will have to take to get proper licensing. Once this is done, you will be able to sell mortgages working for a large company, or do so independently with a group of investors. Here are some tips on how to become a mortgage broker as quickly as possible so that you can start making money in this lucrative career.

First Steps To Take

Mortgage brokers are required to have some basic education which will include a high school diploma, GED, and 20 hours of proper training in an approved institution or college. You may also want to take extra classes so that you can become more proficient in this line of work which may include accounting, financial analyses, and economics. It is likely you will be able to take these classes online through a local state or community college. Once that is out of the way, you will then need to prepare for the exams that you must take to become a licensed mortgage broker.

The SAFE Mortgage Loan Originator Test

Once your education has been brought up to date, you will then want to prepare for an exam to get your mortgage license. This will be administered by the NMLS which is the National Mortgage Licensure System, a system by which the exam is given which is not a permit granting authority. The SAFE Mortgage Loan Originator Test is going to be given to you per the state that you live in. The laws involving mortgages will differ from state to state. Much of the test, however, deals with general concepts, all of which will be taught by tutorials that you can find online. Although there is quite a bit of free information on the NMLS website, yet it is much better to work with a company that can provide you with tutorials that you can take. Once you have done this, and you have been properly bonded, you will be ready to offer mortgages likeĀ fha mortgage Long Island to those in need.