So you want to become a mortgage broker. You want to work in real estate with both numbers and people while analyzing qualification requirements and the availability of loans. While mortgage brokers don’t actually lend money, but instead serve as a go between for the lender and borrower, they play a growing role in the home mortgage industry.
But how can you become a mortgage broker?
1. The first thing you have to know about becoming a mortgage broker is that all mortgage brokers have to be licensed. All aspiring mortgage brokers have to take a 20 hour pre-licensure class involving subjects such as applicable federal and state rules and regulations, ethics, and more. The National Mortgage Licensure System (NMLS) administers the class.
2. Speaking of NMLS: next you’ve got to pass the official NMLS test, the SAFE Mortgage Loan Originator Test. The national portion of the test is uniform for all, but the state portion differs depending on which state you’re seeking licensure within.
3. To receive a mortgage broker license, you need to obtain a mortgage broker bond. This surety bond guarantees that the mortgage broker will operate in accordance with the applicable government rules and regulations. Colonial Surety offers instant online mortgage broker bonds.
4. Once you’ve obtained your license, you still have to continue your education in home loans. The industry is constantly changing, with things much different now than could’ve been imagined ten years ago. You are required to take a certain number of continuing education hours to maintain your license.
5. Lastly, and most importantly, you can start working as a mortgage broker. You can apply everything you’ve learned from your classes while making sure that you comply with all rules and regulations to do the job to the best of your ability while protecting your customers.
Click here to learn more about how to become a mortgage broker.
Where can you instantly purchase mortgage broker bonds?
Colonial Surety offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!