Mortgage License Questions?
Posted on Jan 08, 2009 under mortgage |I have several of my own companies that I spend my full time on. However I am one who is never satisfied and I like diversity. In addition to some REI planned for my near future, I was thinking about picking up a mortgage brokers license. Can I do this without working for a firm or must you be sponsered?
January 8th, 2009 at 7:08 am
I believe you must be sponsored for at least two years before going out on your own.
January 8th, 2009 at 7:08 am
Depending on what state, you need to be an agent for 2 years, and then can apply to be a broker. You need to be working under a broker activily for 2 years.
January 8th, 2009 at 7:08 am
It depends if what state you live in go to the dept of commerce of what ever state you live in and see the requirements. Some states require you take a class and an exam but some do not. Hope this helped
January 8th, 2009 at 7:08 am
Most states need proff of your mortgage experience. At least two years.
January 8th, 2009 at 7:08 am
In CA you get a salesperson license that you hang with a broker. You need 2 years licensed experience OR a college degree to become a broker.
Bottom line, your split pays for your education. You can't learn the biz on your own. And someone has to spend their time training you and they deserve to be compensated for it.
The commission on real estate is huge (think Donald Trump) so even at a 50/50 split you're still doing great.
Remember, it's money you wouldn't have otherwise had
January 8th, 2009 at 7:08 am
Not withstanding indivdual state laws, you must have a provable two year apprenticeship under a licensed mortgage broker before you can apply to obtain your own license. Becoming a broker may be a good option for you in the future, but to be honest, being a broker is a full time job and you should team yourself with a professional. Someone who is knowlegable about programs, options, and defining the best choices for your needs, through day-to-day experience and personal knowledge and relationships with many lenders and account executives. Sometimes these lines get blurred when you try and wear 'all the hats' at once.
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