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How does one go about becoming a "legitimate" mortgage broker?
I've received some info on "at home business" that sounds very much
like becoming a mortgage broker. Sounds great since you can work for
yourself or an institution, depending on the flexibility one desires.
The first step is to become familiar with state requirements, if any,
of the state you intend to become a mortgage broker in.
Then you will want to arm yourself with the best information, firmly
grounded in the basics of the residential mortgage lending business.
At the same time, if you never have been associated in the residential
mortgage lending business, you should align yourself with another successful
broker that's been in the business for several years to learn and observe
from them.
Yes, you will learn on the job, but not all brokers have all of the
time required to teach new people or all of the information that a new
person can immediately relate to according to their talent base. Doing
self study is very much a necessary exercise that can and will lead
to immediate success.
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I'm thinking of becoming a mortgage broker. What would be the best
process/course to take such that I could be up and running, on my own,
within the shortest period of time? I would be working with an individual
who owns a small mortgage brokerage company?
First, you will need to acquire knowledge through a training coarse
that allows for you to continue on going learning and reviewing specific
areas of concern after your initial completion of coarse training material.
Second, you will need to acquire field experience by actually working
in the industry.
By working with your friend in their mortgage business will assist you
with number two.
Number one is a bit more tricky. There are many training courses but
very few of any worth. Most only teach A paper conventional lending
which 80% of the brokers do and fight for a mere 30% of the borrowers
that qualify. (Not Recommended.)
We recommend learning SubPrime lending which is wide open and the remaining
majority of the 70% of the potential borrowers will in fashion qualify
for. If you can do SubPrime, you will also be able to do A paper.
The Mortgage Academy specialize in publishing books and CDs that teach
SubPrime lending. We have a set of two books that are rated by industry
leaders to be among the very best reference material available. One
book deals with the technical area of the industry i.e., forms, appraisals,
credit reports, underwriting red flags that discourage borrower disqualification,
proper loan packaging, etc.
The other book deals with becoming successful in lending with the best
methods to market and sell to borrowers. It covers the Internet, telephone
solicitation, and 32 other proven methods that work to develop a steady
stream of potential borrowers.
I suggest you research our material on our web site: CLICK
HERE
The only thing not discussed was any licensing requirements that your
state may impose on you.
If you have any further questions or concerns, please feel free to e-mail
again at: mailto:admin@mortgageacademy.org
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What training do you offer for those who wish to become loan brokers?
The Mortgage Academy specialize in publishing books and tapes that teach
SubPrime lending. We currently have a set of two books that are rated
by industry leaders to be among the very best reference material available.
One book deals with the technical area of the industry i.e., forms,
appraisals, credit reports, red flags that discourage borrower disqualification,
proper loan packaging, debt ratios, income, etc.
The other book deals with becoming successful in lending with the best
methods to market and sell to borrowers. It covers the Internet, telephone
solicitation, and 32 other proven methods that work to develop a steady
stream of potential borrowers.
All of our material is focused on SubPrime residential mortgage lending
and is constantly reviewed by our staff of underwriters, licensed appraisers,
and mortgage bankers, all seasoned professionals that have been in the
business many years.
I suggest you research our material on our web site: CLICK HERE
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