Requirements to Become a Mortgage Broker

  • Posted in Removals
  • Published on Sunday, 03 January 2010
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There are various requirements states set for hiring mortgage brokers in their locales.  In order to become a part of this field, you must comply with the following:
1. Get an experience. You need a minimum of three years experience in the mortgage business. With this, you easily get a loan officer licence.
2. Attend classes or trainings. Go to classes or trainings teaching the basics of mortgage lending from an approved provider.
3. Pay your fees. You have to pay the application and licence fees to become a mortgage broker and a loan officer. There are also fees to pay for any broker offices you set up, and an annual fee for mortgage broker licence renewal.
4. Take exams to become a licensed loan officer. Once you are through with that, you need to pay for a surety bond.
5. Provide credit reports. You are required to periodically provide a credit report and business and employment history to the state where you belong to.
Strive hard to retain your mortgage broker licence. This is possible through continuous learning. See to it that you undergo eight learning classes in the field annually. This will help you become one if not the best mortgage broker in town.

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