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Home Mortgage Broker - Home Mortgage Broker - Features of Home Mortgage Broker Careers, Finding a Mortgage Broker

Careers, Options, and Services

brokers help skills certified

While those who are seeking home loans sometimes deal directly with mortgage lenders, quite often mortgage brokers can help both lenders and borrowers find the best mortgages for their particular needs. The broker is an intermediary between the lender and the borrower, and is typically paid by the borrower. While less than 25% of mortgage loans involved a broker in the mid 80s, more than 60% of loans involved a broker by the early 2000s.

Features of Home Mortgage Broker Careers

While there is not currently a uniform license requirement in the United States to be a mortgage broker, 45 states require mortgage brokers to be certified. The National Association of Mortgage Brokers (NAMB) offers three different levels of broker certification: General Mortgage Associate (GMA) is available for beginners, Certified Residential Mortgage Specialist (CRMS), which is for those with two or more years of experience, and Certified Mortgage Professional (CMP), which is for those with at least five years of experience. The NAMB also holds its members to a ethical code.

Those who are considering a career as a mortgage broker should have good people skills and typically sales or marketing experience. Also, excellent communication skills, both written and verbal, are necessary for the job. A mortgage broker will need to have good computer knowledge and math skills, with an understanding of interest rates and qualifying procedures. It is also helpful to have a background or education in banking or finance.

Like a real estate agent, mortgage brokers will often work weekends and evenings. They will ideally have several clients at a time, so they will need to be able to multi-task and must be well organized. They are paid on commission at a rate of 1% to 3% per loan. Therefore, to make $50,000 in a year, a broker will need assist with one $100,000 loan every week for fifty weeks. Experienced mortgage brokers can make more than $100,000 per year.

While many mortgage brokers work independently, those who are looking to get started in the business will probably need to start out with a mortgage brokerage firm. Many firms offer training and will pay for qualified candidates’ exams. With many of these firms, you will start off at the bottom of the ladder and, as with most other businesses, need to work hard to build a client base and to get a consistent salary.

Finding a Mortgage Broker

If you are looking for a home and want to find a reliable mortgage broker, the best place to start is by talking to your real estate agent. He or she will probably know several trustworthy mortgage brokers. If for some reason you need to find a broker yourself, you can begin by looking at the National Association of Mortgage Brokers website to find local brokers. You can then talk to individual brokers to find out what rates and services they offer.

For those who need extra help finding a home loan, a mortgage broker can be a great help. In most cases, it is best to begin by speaking with a trusted realtor to see what mortgage options are available and if you need a mortgage broker. Most real estate agents should be able to help you find a broker who will meet your needs.

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