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become a mortgage broker

by nedevc_331_317 from , . Feb 21st 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

You should try reaching out to local mortgage brokers and see who has an internship.. Work a month or two under that and then make your decision.. Between the licensing, education, and setup fees.. It's going to set you back $1500 - $2000... you might want to see if this is really something you want before investing your money into getting licensed... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 21st 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

The best course of action is to first obtain a loan officer license in the state(s) in which you want to operate. Next, locate an independent loan broker who will train you as an "apprentice", and agree to set you up as a net branch, once you show ability and integrity. As a net branch, you have almost all of the advantages of a loan broker, such as FHA, VA and conventional origination, with very few of the financial and reporting responsibilities.

Feb 21st 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

It's a challenging career, but can be very rewarding. If you are serious, look into getting the required training to become licensed. Then you will want to look into joining a firm that has seasoned Loan Professionals. As an intern or assistant, you can easily learn the tools of the trade. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 21st 2013
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VA requires 3 years W2, so that you have to do as loan officer at least three years, bank needs 3 references in order to set up relationship with wholesale banks.and hard to get bond too since you are new.other things are easy.Jenni Rowe

Feb 21st 2013
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Christina Witt (cwitt@wewalkyouhome.com)
#5 ranked lender in Montana - 5 contributions

20 hours of prelicensure education, pass a state and national exam, and at least six months experience is necessary in order to be a licensed loan originator. A licensed loan originator then places their license with a company. In order to own a company you need at least three years experience as a licensed loan originator. Christina Witt

Feb 21st 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 4,843 contributions

Check with your states regulators.

Feb 21st 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Check your states requirements, But there are more requirements for a brokers lic. then working as a banker.

Feb 21st 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Here's a good place to begin your research:http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

Feb 21st 2013
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Tyler Whyburn (OklahomaMortgage)
#21 ranked lender in Oklahoma - 24 contributions

Contact the CFPB and make sure they are going to allow Mortgage Brokers to continue to exist. The regulations are definitely much stricter on brokers.

Feb 21st 2013
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Matthew De Weese (Pacific1Lending)
#823 ranked lender in California - 55 contributions

They have just changed the requirements as of January 1st this year to where you must have a mandatory 2 years of full time experience in order to get your broker's license. You also will have to take the broker exam and go through the pre-licensing requirements, and aquire a surety bond. Mortgage brokers must at all times have a valid surety bond on file with the director.

Feb 21st 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, You should get it.

Feb 21st 2013
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