How to Become an Accredited Mortgage Broker

A mortgage broker finds loans for people needing a mortgage. In many professions, particularly financial services, accreditation demonstrates additional knowledge and expertise. Therefore, an accredited broker may be seen as more effective by clients. Learn how to become an accredited mortgage broker in order to become a success in lending.

Steps

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    Earn a bachelor's degree in finance, economics or business before becoming an accredited or certified mortgage broker.
    • Accredited college programs are best for future mortgage brokers.
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    Gain experience in banking, particularly in lending activities.
    • If your company employs accredited brokers, seek a promotion after a few years of experience.
    • As an alternative, see if your employer offers certified mortgage broker training, such as U.S. Bank or Bank of America.
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    Confirm state requirements to be a licensed, certified or accredited mortgage broker with your state banking authority.
    • In many states, the state banking authority for accredited brokers is the state's Department of Savings and Mortgage Lending.
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    Enroll in CampusMBA, the educational arm of the Mortgage Bankers Association, for specialized training.
    • Campus MBA offers several programs with three levels: achievement level, certificate level and specialist level.
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    Each certificate is earned by passing an exam after 50 classroom hours.
    • CampusMBA is the only provider of the Certified Mortgage Banker� (CMB�) Designation, which is considered the professional industry standard.
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    Build a network of lenders within the banking industry.
    • Lenders might be banks, credit unions, private lenders or others.
    • Maintain a good relationship with lenders. If they are unhappy, they will refuse to do business with you.
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    Become adept at putting together mortgage applications and negotiating terms with lenders.
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    Practice selling your services. Many banking careers are really about selling a product or a service.
    • Get the word out that you have financing available for mortgage loans.
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    Join civic groups, the Chamber of Commerce, the PTA or any group that allows you to make contact with others.
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    Increase your accountability to others by meeting bonding requirements and maintaining consistent net worth.
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    Decide how you will be paid if you are working as an independent accredited mortgage broker.
    • Mortgage brokers can be paid by the borrower, the lender or both.

Tips

  • The SAFE (Secure and Fair Enforcement for Mortgage Licensing) Act of 2008 requires the registration and licensing of all mortgage originators. Many certified mortgage brokers are also mortgage loan originators.
  • The Certified Mortgage Banker Designation requires 3 years of experience and successfully passing an exam.


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Categories: Finance Careers