When you really want to be a decision maker and a deal maker, there may not be any better career than in the mortgage industry. If you like the freedom of being in charge and being a great resource for people making a huge financial commitment, than becoming a mortgage broker may be an ideal profession for you. Mortgage brokers hold one of the most important positions in the real estate industry.
Without them, people who want to buy a house would have to deal directly with the big banks. That means if the borrower doesn’t fit the big bank’s idea of a perfect loan candidates, then there would be no other place for them to go. A mortgage broker, on the other hand, may have hundreds of different loan programs available. Reputable and invaluable brokers can help people get good loans that fit their situation, not just what the bank demands.
Mortgage loan originators and mortgage brokers do this:
- Accept a mortgage application from a borrower
- Analyze the borrower’s credit, income and assets
- Verify that the information the borrower provided is correct
- Work with the home appraiser to make sure the valuation is supported
- Negotiate with the lender who will be providing the money
- Set up the closing with the attorney
- Attend the closing with the attorneys, home buyers, home sellers, and real estate agents (a very professional opportunity!)
If you have already been a loan officer, processor, credit adviser, or held a couple of other positions at a bank or a brokerage for at least 2 years, then you already have one of the qualifications. In case you have not already been a loan officer (or any mentioned above), there are a few steps you will need to take first. Part of that includes required education. The position of loan officer is known as a Mortgage Loan Originator.
For the past few years, all loan originators, brokers and lenders have to be registered with the National Mortgage Licensing System (NMLS). You can register with them before finishing your required education, but they will not give you an approval number until you pass all the steps required. That first step of required education to become an originator is 20 hours and available here at REEDC. One thing offered at REEDC which goes above and beyond is the continuation of support in your career. You can take continuing education courses as well as take advantage of our job placement program.
Here is what you can get in the Mortgage Loan Originator classes:
- 20-hr licensing course
- Job Placement Assistance
- Expert training by experienced industry professionals
- 2 Hour Coaching Session
- Quarterly Career Assessment Review
In the licensing course, you will learn about the federal laws that govern the mortgage business. Since you will be dealing with very sensitive information and one of the key people in the home purchasing or refinancing process, it is very important to know, understand and uphold the laws.
Because you will be handling such crucial information as almost a lifetime of personal credit, income history and savings information, you will also be subject to the laws. This begins with a background check to make sure you haven’t committed any crimes that would indicate you may violate the laws. Everyone in the mortgage industry is expected to be highly professional in every aspect of their job functions and decisions.
This is an opportunity to earn a high level of respect not only from your clients but also from your community, your friends, and your family. Becoming a mortgage broker, a level above a loan officer, is an opportunity to be a part of an elite group of people. That elite group even has an elite club of like minded professionals. In New York, it is the New York Association of Mortgage Brokers. You would also be a part of the National Association of Mortgage Brokers and have the opportunity to join in national events which have even included private cruises, private resort vacations, and exclusive get-aways.
To learn more about REEDC’s Mortgage Licensing course, continuing education information, and New York State licensing requirements, please contact a career adviser at 800-547-6020 or visit our overview page to learn more about the program, scheduling, and other useful links and resources.