5 Steps to Become a Mortgage Broker
Mortgage brokers are similar to loan officers who work for home buyers and prospective businesses to arrange loans. The mortgage broker acts as an intermediary between the buyers and the mortgage lenders.
To become a mortgage broker, the basic career requirements are:
• High school diploma
• A mortgage broker should have the license of any state they are working in
• Their keys skills should contain knowledge of law, government, economics, accounting, and critical thinking
Here are the 5 steps to becoming a mortgage broker:
1. Complete the minimum levels of education i.e. your high school. Be proficient in reviewing the financial documents and be good enough to conduct research. You should also have good computer proficiency and math knowledge.
2. Complete the 20 hour pre-licensure program and pass the exam to obtain the license.
3. Take the SAFE Mortgage Loan Originator Test that is conducted for both the national and state level. You only need to pass your state level questions.
4. Start working as a mortgage broker after passing the SAFE exam and becoming licensed.
5. Continue your education to retain the license.
There are several companies offering mortgage broker bonds. To obtain a mortgage broker bond, it is recommended to do extensive research of the companies offering surety bonds.