Homebuyers hear about mortgage brokers from their friends. That’s why great mortgage brokers have big client lists—and relationships with lenders to meet their needs. With competition for housing stiff, buyers need their mortgages fast. Can you do it?
First Steps: Licensing
Mortgage brokers have a big responsibility—that’s why the process of getting licensed is regulated by the government. Top of Mind shares this advice:
To get started, first know that a mortgage broker’s license is state-issued. This means that the process can and will vary from one state to another. Each state will have a governmental agency charged with overseeing or managing the process. As an example, in New York State, it’s the Department of Financial Services.
You would start by completing and submitting an application for review and hopeful approval. Again, using NY State as an example, an approved applicant would then need to submit a surety bond and proof of a line of credit. There would also be a conferral meeting, after which, if all requirements have been met, such as background searches, a credit report, fingerprinting, etc., a license certificate would then be issued.
Expedite your first steps toward licensure in New York State—and across the country with an instant, digital Mortgage Broker’s License Bond from Colonial Surety Company. You can even obtain your Mortgage Brokers License Bond today! Just get a quote online, fill out your information, and enter your payment method. It’s that simple.
Running Your Business
You’re a broker now, which means you’re a middleman. You need clients, and just as importantly, you need lenders.
There are many possibilities – from lenders that often have the best rates to mortgage lenders with the lowest closing costs to lenders that might be a little more flexible on the lowest acceptable credit scores, the best loan programs, etc. Just be careful not to get so diversified that you lose control and familiarity with each lender and their programs.
The whole idea of being a broker is to offer choices to your clients and prospects….. Whether it’s pricing, underwriting, restrictions on marketing to your own clients, or the mix of available loan products, not every lender is going to best suit your needs and those of your clients.
Ready, Set, Go?
At Colonial, it’s so easy and affordable to get your Mortgage Broker’s License Bond that you can even do it today. Let’s get you going!
In business since 1930, Colonial Surety Company is both a national surety bond expert and a tech innovator. Professionals across the country are using Colonial’s efficient, self-service, online platform to obtain license bonds—instantly!
With a portfolio of over 4,000 license and permit bonds, Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and in business all across the USA.