As a mortgage broker, you can work independently or for an agency. In all jobs, you must be licensed and meet all state and federal requirements. Simply put, an independent mortgage broker is someone that no specific mortgage brokerage company does not employ. They are free to find partners and take the customers' business to any lender that can offer the most competitive option.
You often work as an independent contractor, negotiating agreements between mortgage lenders and prospective homebuyers. You can work from home, set your own schedule and not spend a fortune on changing rooms or on the go. There are opportunities for mortgage brokers to also work as employees, if that's what you prefer. Successful mortgage brokers make quite a good living and often work independently, being their own boss.
The certified residential mortgage specialist is a mid-level certificate for those who have at least two years of industry experience and the certified mortgage consultant requires at least five years of experience and professional education. The typical mortgage broker will have 30 to 50 lending institutions to deal with, and should be familiar with each of them. New lending regulations have also made being a mortgage broker less lucrative than it was a few years ago. If you're still wondering what the difference is in going to the loan officer at your preferred bank or looking for a mortgage broker to guarantee your home loan, think about it this way.
You can also obtain voluntary certification through the National Association of Mortgage Brokers (NAMB), which offers three levels. Mortgage brokers are licensed in the state in which they work, and each state has its own requirements for registering. Over the years, much of the blame fell on mortgage brokers who knowingly sold mortgage loans to borrowers who, in reality, couldn't afford it. If you can manage these tasks and develop a positive reputation, you may find that being a mortgage broker is a rewarding career.
But you'll need to get your mortgage broker license and use certain tactics to find customers and retain them. As an independent mortgage broker or loan broker, the success of your business depends largely on the customers you serve. On the other hand, mortgage brokers are professionals who can search for the mortgage loan that best suits you, based on your financial profile. The license to become a mortgage broker will depend on individual state laws, but at a minimum, you must graduate from high school with at least a basic knowledge of computer science and accounting.
