Millions of people around the country need to take out a loan to buy a house and finance their business expenses. Highly skilled professionals are required to sell mortgage loans to people and businesses; this is the job of mortgage brokers.
What does a mortgage broker do?
Mortgage brokers act as mediators between clients and lending institutions. They sell mortgage loans and market themselves to attract potential clients. They obtain personal information to make a decision about the clientâ€™s financial status. They assess credit history, affordability, and the likelihood of loan repayment. Mortgage brokers are also responsible for assessing the mortgage market to offer the best product to fulfill the clientâ€™s needs. They often give clients advice depending on individual circumstances and strive to provide buyers with the best possible deal on a mortgage. Mortgage brokers are different from loan officers in a sense that they seek out finance companies and lending institutions to find money for the client instead of loaning money from their own institution. They are often self-employed or work for brokerage firms.
What kind of training does a mortgage broker need?
Mortgage brokers typically need at least a bachelor degree in economics, finance, or other related field. Employers also value previous banking, brokerage, sales, real estate, or lending experience. Mortgage brokers who do not have formal education can often advance to their current positions after many years of sufficient work experience. Many brokerage firms offer on-the-job training and will sponsor employees for the licensing exam.
In 45 States, mortgage brokers are required to be licensed. The educational requirements usually vary by State. Mortgage brokers are also typically bound by a Quality Control standard and are subject to many federal regulations. Many mortgage brokers become members of the National Association of Mortgage Brokers (NAMB). To keep up with their licenses and skills many mortgage brokers complete continuing education and attend seminars and conferences.
What are the prospects for a career as a mortgage broker?
Employment of mortgage brokers is expected to grow about as fast as average for all professions, increasing 11% through 2016. The turning around of the housing market and population increase will drive growth.
Job prospects are expected to be favorable and will be the best for mortgage brokers with a college education and related banking, lending, sales, mortgage, and brokerage experience.
How much do mortgage brokers make?
As of 2015, mortgage brokers with less than 1 year experience made about $24,000 a year. Those with 1 to 4 years of experience made about $37,129 a year and those with 5 to 9 years experience made about $41,554 a year.
For anyone considering whether and how to become a mortgage broker, this is an excellent career choice for people who have great people skills and a strong drive to succeed. Perseverance, high motivation, excellent verbal and written communication, organization, and the ability to multitask are also essential qualities.
Becoming a Mortgage Broker Requires Training, Start Today
Are you serious about becoming a Mortgage Broker? Then you need to get the required skills and training to do it! To start your new career, first you must decide what school you want to enroll in, so you need to gather info about potential schools. Use the College Mouse Degree Search tool to find the right course and college for you, and get started towards your new dream job today! If you want more personalized assistance, call (888) 389-7996 TOLL FREE to speak with a college advisor, who will help you find the best college for you. After you sign up for your course, make sure you fill out and submit the FAFSA so you can take advantage of any financial aid currently available to you!