Education & Training
Most states require mortgage brokers to be licensed. Educational requirements for licensing vary depending on the state. In some states, candidates must complete college level courses in real estate and finance. See the Other Resources section for a link to the National Association of Mortgage Brokers and information on state requirements.
Mortgage broker education programs provide instruction in areas such as regulation of the mortgage industry, contract law, real property ownership, property appraisal, and consumer credit. In addition, students also learn about the day-to-day operations of a mortgage business. Many of these courses are available online from the National Association of Mortgage Brokers.
Other Suggested Qualifications
Mortgage brokers should have good people skills since a lot of their job consists of talking to clients and negotiating with mortgage officers in banks and trust companies.
The National Association of Mortgage Brokers and most state associations offer various designations to those who have completed the required courses or those who have a certain number of years experience in the industry. These designations are not mandatory, but having one or more of them may help convince clients and lenders of your professional competence.
LEVEL 1: Rookie Broker
EARNINGS: $0 to $30,000 a year
• State broker license (requirements vary by state)
RESPONSIBILITIES: Finding clients; marketing your services to the public (may involve spending money on flyers, newspaper advertisements, or billboards).
LEVEL 2: Intermediate Broker
EARNINGS: $20,000 to $100,000 a year
• Additional courses may be required after obtaining a provincial license
• 2 to 4 years of work experience
RESPONSIBILITIES: Finding clients; helping clients obtain mortgages; taking self-improvement courses; spending more time working with clients rather than searching for clients; closing more deals.
LEVEL 3: Seasoned Broker
EARNINGS: $50,000 to $250,000 a year
• 4 to 6 years of work experience
• Established client base
RESPONSIBILITIES: Maintaining contact with an established base of clients; trying to find new clients; helping clients obtain mortgages; receiving referrals from clients; closing deals.
National Association of Mortgage Brokers
This association provides educational and professional development opportunities for its members. Be sure to check out the Education section to see a list of courses offered.
An online Resource for those in the mortgage industry.
How Mortgages Work
From How Stuff Works, an explanation of how mortgages work.
National Mortgage News
Find out about issues concerning those in the mortgage industry.
Occupational Outlook Handbook - Securities, Commodities, and Financial Services Sales Agents
Career information from the US Department of Labor.
Hope I could help ya! Good Luck!!