Tuesday, August 24, 2010

What is the criteria for becoming a mortgage broker?

I want to know what type of math, computer skills, and writing skills do I need and please give me dany other information you think would be helpful.What is the criteria for becoming a mortgage broker?
From an insiders view, there really are NO criteria. In many states (including Florida) you don't have to have a license or anything. Of course to be a licensed mortgage broker you must take a class and pass a test - but it is nothing more than simple math, remembering a few rules and regulations.





The technical side of this job is not very hard, at least on the residential side. However, if you don't understand numbers, you are not going to be providing a very good service (typically most people do not provide adequate service).





It is my opinion that ANYONE getting compensation for originating loans should be held to a much higher standard than what is currently out there.





All of the above skills will help. You also need to be one heck of a salesman and have some experience marketing if you don't go to work for someone who provides you leads.





You can be technically the best mortgage broker in the world, but if you don't have customers, you will starve. So many consumers just end up going with the first person who talks them through the process and believing whatever they say. Now, for the most part (70-80% of the time) they are probably getting decent advice (or already know what they want), but there are just a ton of people who aren't getting any assistance or any real advice.





Hope that helps.





Joe...What is the criteria for becoming a mortgage broker?
you have to be able to lie, and live with yourself.





(~working for a mortgage lender)
Wow, you do have to be licensed. As of the begining of the year!

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