Many of us may never have to deal with a lender or mortgage broker. Most in this profession deal with people who own their homes, are trying to refinance, or looking to purchase a home. The position I am speaking about is held by a banker. I don’t know of any financial transactions that aren’t associated with banks; there has to be a place for money to go to and a trace as to where it came from. There are laws that require detailed records of a company’s financial records; how much goes in and how much goes out.
These laws were put in place to aid in the deterring of money laundering schemes, making certain specific transactions illegal. Website platforms like PayPal would be considered payment processors not banks. It is not wise to leave large sums of money there. Your money is not insured, it is not a bank.
I had basic knowledge as to what a mortgage is, but never thought about what a mortgage broker actually does. So of course I asked my buddy Google and he gave me the tea, as always!
So,what do mortgage brokers do? Mortgage brokers make money by charging a loan origination fee and/or broker fees upfront (they used to get paid via yield spread premium). They can also offer no cost loans by utilizing a lender credit, which will effectively raise the borrower’s interest rate, but eliminate out-of-pocket costs.
How much training is needed to become a mortgage broker? Often organizations require years of experience To hold an office or other position as a broker, but after researching a few places I discovered that one can become a mortgage broker if at least a high school diploma and ‘license’ (to operate in your state) have been obtained. The license is obtained after completing 20 hours of course work/training and after passing the SAFE exam. Mortgage brokers who are licensed are themselves an ‘institution’ even if working as a contractor.
What should mortgage brokers know? Brokers should have knowledge of law, government and accounting. An agent should be familiar with required documents, possess critical thinking skills, and financial analytical skills. I am also sure certain software programs would be necessary: most remote work usually involves a software program. I discovered that median salary for mortgage brokers in 2015 was stated at $59,928/annually.
It seems this would be an interesting career for those who already have any experience in this field, any of the skills listed as required for the position, or want to learn and begin a new career. Licensed mortgage brokers may negotiate mortgage loans, accept funds to invest in real estate, and sell and oversee mortgage loans.
Where can you receive training to become a mortgage broker? There are several schools that provide necessary training. I also found a resource at Wiki How –“13 Steps to becoming a mortgage broker.” Udemy has an explanation of the necessary skills and training needed to become a broker. Chron also has important broker info. Pro Schools has affordable classes listed.
Concluding Thoughts: Mortgage brokers have the opportunity to take their skills into the virtual world and work for themselves. The resources listed can help those who are new to the field and want to learn the skills needed. It is important to network, network, network, with anything related to employment. Connect on social networks and join clubs associated with your field of interest. Good Luck on your journey!
Monster –Job board with open remote mortgage positions.
Indeed –Remote mortgage positions.
Linkedin –Open remote mortgage positions.
Simply Hired –Open remote mortgage processor jobs.
NMS –Remote mortgage underwriters wanted. WA, Reno,
Atlanta, Boise, Sacramento, Long Island, Parsippany.
Jobs Galore –Remote underwriter positions.
Branch Partner –Loan originator. This is a business opportunity.
The host company provides tools to get you started.
Career Jet –A job board with remote mortgage positions.
Job is Job –Remote mortgage underwriter positions.
JuJu –A job board with open remote mortgage positions.
Waterstone –Remote underwriters wanted.
TFFInc –Mortgage underwriter position.
Live Career –Mortgage underwriters.
Smart Recruiters –Remote mortgage position.
Freelancer –A job board with open remote mortgage positions.
Zip Recruiter –Remote mortgage positions.
Cyber Coders –Remote mortgage positions.
Remote Job Path –Remote loan processor.
Jobs 2 Careers –Remote mortgage loan processor.
FHA Jobs –Remote mortgage jobs.
PU Financial –Mortgage underwriter positions. Texas,
California, North Carolina.
Open Close –Loan origination software provider.
Broker Outpost –A blog for mortgage brokers.
Scotsman Guide –Leading resource for mortgage originators.
DBF –Department of banking and finance.
IMC –Tools and resources for mortgage brokers.