How to become a mortgage broker

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Otherwise, you will need to take the General Education Development Test (GED). You will receive a GED certification with 145 points in four exams. This will be your diploma even if you have not completed your regular high school.

College education is not required, but can help complete a two- or four-year course in finance, accounting, etc. marketing, economics or business administration. The principles learned from these disciplines can provide a solid foundation for your day-to-day work.

With regard to previous work experience, you do not need it, but it is recommended that you complete appropriate training. For example, you might work for an existing mortgage company for several years to gain first-hand knowledge before starting your own work.

Many mortgage brokers are former credit bankers or employees who ultimately choose to work independently. Some of them were previously real estate agents who wanted to try the financial side of their trade.

2. Take pre-licensing training for mortgage brokers.

The next important step is preparing for licensing. The Safe and Fair Performance Licensing (SAFE) Act requires states to license all mortgage lenders… This is also known as Title V of the Housing and Economic Recovery Act 2008. Thus, you need to obtain an individual license from the Nationwide Multi-State Licensing and Registration System (NMLS).

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