How Do You Become A Mortgage Broker?

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Working in the real estate industry presents its own challenges (and fun!), and given we have never touched on this topic before – now can be a great time to bring it up.

So what is it that we do? We work for prospective business and home buyers to arrange loans. We act as intermediaries between the buyers and mortgage lenders and may be the trustees of the buyers. In legal terms, we are also considered a type of financial institution, although many of us work independently.

What kind of education do you need?

To begin with, you must at least graduate from high school – not too much to ask! The education doesn’t really stop there, however. Aspiring brokers must complete certificates in order to get the licensing they need to legally work with lenders and homebuyers. These licenses require 20 hours of education and can be done through the FSCO Approved Mortgage Agent Course for licensing

Another big part of this education is learning the key skills to properly do your job as a broker – these include knowledge of law, government, economics, accounting, as well as critical-thinking skills and familiarity with document management, financial analysis, and accounting software programs.

This is a fairly easy, but crucial step. There are many brokerages that hire full and part time agents, and offer everything from web sites to full training and ongoing support. There are also different standards of training and support. In other words, while a brokerage says it offers great training, it may not be as great as you want it to be. So what can you do?

In the REMIC course there is a section that discusses how to choose the right brokerage. It includes a list of questions that you need to ask to ensure you’re getting hired by a brokerage that you will enjoy working for. Choosing a great brokerage is definitely an important step in the process to getting your mortgage brokers license.

In addition REMIC is the only educational provider that offers a free job placement assistance program. This program will help you choose a brokerage that you feel is right for you. These are only two reasons to choose REMIC for your mortgage broker career.

Licensed mortgage brokers must complete continuing education to retain their licensure and advance their careers. Specific requirements can vary, but typically include completing continuing education hours every year.