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What Do You Need to Become a Mortgage Broker?

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    Licensing

    • In some states, mortgage brokers must have professional licensing as mortgage loan originators. Each state has its own licensing requirements, but most involve participation in the Nationwide Mortgage Licensing System program. Participants in the program must pass a criminal background check and undergo a credit check. Those with convictions or poor credit scores may not qualify for licensure. In addition, the Nationwide Mortgage Licensing System requires prospective licensees to pass a computer-based examination known as the Safe Act Mortgage Loan Originator exam.

    Education

    • Mortgage broker educational requirements vary among employers. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 requires brokers who must obtain licensure through the Nationwide Mortgage Licensing System program to complete 20 hours of pre-licensure coursework. The mandatory 20 hours includes three hours of training on federal regulations, three hours of ethics coursework and two hours related to lending standards. The remaining 12 hours can be on any subject. In addition to the licensing requirements, some mortgage broker firms may prefer to hire applicants who have formal postsecondary training, such as a four-year bachelor's degree in business or finance.

    Certification

    • Some mortgage broker firms require brokers to gain certification through the National Association of Mortgage Brokers. The association offers three levels of certification. The General Mortgage Associate is the entry-level designation and requires no experience. The Certified Residential Mortgage Specialist title is for individuals with at least two years of experience in the mortgage industry. With five years of experience or more, brokers may earn the Certified Mortgage Consultant designation. In addition to work experience, each level also has additional requirements for education and involves passing a written examination.

    Skills

    • To be successful in the field, mortgage brokers must possess certain abilities. Negotiation and sales skills are crucial to secure funding for clients. Mortgage brokers also need oral communication skills to explain the benefits of lenders' products to customers as well as listening skills to respond to clients' questions and concerns. Arithmetic skills allow brokers to calculate rates and payments for clients, while reading comprehension ability helps brokers understand complicated mortgage contracts. While completing their work, brokers may also rely on accounting, document management, email, spreadsheet and word processing software programs.

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