Most Common Questions Asked by Aspiring Mortgage Brokers

I wanted to take a few minutes to address some of the most common questions asked by individuals looking to start a new career in the mortgage industry. These are some of the same questions that I asked myself when I was curious about obtaining a position as a Mortgage Broker. Although I had many questions here were the top ones.

Do I Need A License?

One of the most frequently asked questions by individuals interested in a career in the mortgage industry is if they need a license. Most people think that a license is required because you are dealing with real estate, and since real-estate agents have to have them, then Mortgage Brokers and Loan Officers probably need to have them as well. Surprisingly, in most States, a license is not required to become a mortgage broker/loan officer. However, the rules and regulations are different for those who own or are interested in starting up their own mortgage company. In this case, those individuals would need a business license and other things specified by their particular State. However, if you are working for someone more than likely you won't need a license.

How Much Do Mortgage Brokers Earn?

This is another question generally asked by those seeking a new career in the mortgage field. However, due to the nature of the mortgage business (being mostly commission based) and due to the fact that I don't know your work ethics (how hard you work), I can not predict exactly how much you will personally make in this field. With that being said, the typical mortgage broker/loan officer makes $25,000-$35,000 per year. That's closing an average of 2-3 loans per month, but if you really want to be in this business your goal should be to go way above that amount. Some have even made six figures in this industry. My personal belief is that you should always aim to close between 5-10 loans a month. Hey, you're getting into this business to make money.

Do I Have To Go To College?

The answer to this question surprises a lot of people and it is one of the most frequently asked questions. In today's society, mortgage brokers are regarded as leaders in the banking industry. Due to this, most people assume that a college education is required. Let me be the first to let you know that a college education is not needed to become a mortgage broker. The only education required is a High School diploma.

Can I Do This Part Time?

A majority of people ask this question for one reason and one reason alone, THEY ARE AFRAID. They are afraid that they will get in the loan industry and fail. First of all, let me go ahead and answer this question for you. Yes you can do this part time, but would I recommend it? No. If you are going into this business, you need to go into it full force and not do it halfway. Those who are successful in this business are the ones who go at it full force. If you focus all of your energy into being great in this business and you actually put forth the effort to push yourself out there, you will succeed and you want need to do this part-time. Once you see the money you make, you will thank me for suggesting that you enter this career fulltime. However, if going into the mortgage business full time still makes you nervous here is an alternative. Get a part-time job, while you do mortgages full time, and once you are comfortable in your position as a loan officer, then get rid of the second job. Another alternative is to save up a month's salary or so until you get off of your feet.

So there you have it, the top questions asked by those aspiring to become mortgage brokers. This is one of the greatest professions ever and I wish you all the best of luck