After being badly affected by the recession, the housing market is now recovering. That means more opportunities will open up for those who are working in the industry, including mortgage brokers. According to the U.S. Bureau of Labor and Statistics (BLS), job employment for real estate brokers and sales agent is expected to increase by 11 percent from 2012-2022. So if you want to work in the housing industry, then being a mortgage broker can be a great option. But how can you become one?
Step 1: Complete the required education.
A high school diploma or an equivalent GED certification is usually the minimum requirement for becoming a mortgage broker. However, many employers prefer applicants who have bachelor’s degree or vocation certificate as the job duties involve dealing with complex legal and financial matters.
If you want to increase your chances for getting hired, you should attend special classes with subjects related in banking, real estate, and investment. You may also want to consider completing a bachelor’s degree in business, finance, economics, or any related course.
Step 2: Obtain your license.
In addition to high school and college certificate, most employers require their applicant to have license for them to be considered. Having a license proves that you have the necessary skills and knowledge to perform your job better. You will also need your license to be able to apply and negotiate for loans, as well as compete with other mortgage brokers Melbourne (if you live in Australia).
Requirements for licensure examination may vary from state to state, so check the licensing authority in your state for details. You can also visit the website or contact the National Association of Mortgage Brokers (NAMB) for guides and information.
Step 3: Gain some experience.
Once you’ve completed your degree and obtained your license, you can then start applying for a job. Usually, you will start with an entry-level position, but that’s okay. Your goal is to get experience. Working in a real estate firm or bank, even if with the lowest position, will help you understand how the industry really works, which is crucial for learning and getting yourself in the position you’re aiming.
Step 4: Continue your education.
To gain further knowledge about the industry and learn different techniques which are crucial for the job, you should also consider completing a higher degree or attending more training. In most cases, completing a continuing education is required for retaining your license. But other than that, it’s crucial for advancing your career.
Once you get enough experience and knowledge, you can then apply for higher position or if you desire, open your own brokerage firm.
So there you have it! As with many other professions, there’s no easy path to becoming a mortgage broker. It really requires effort, drive, and a lot of patience to become one. But once you graduated and get the position you’re aiming for, you will realize that all the hard work is well worth.