In order to pursue a career in mortgage brokering, it is more than likely that a mortgage broker license be obtained. Furthermore, most individuals that seek out to become mortgage brokers will also obtain mortgage broker training.
However, mortgage broker training may not necessarily be necessary in order to eventually obtain a mortgage broker license, though it is highly recommended. In some cases, many firms will require that at least 24 hours of educational instruction be taken in order be qualified for such a position.
Typically speaking, mortgage broker training can be taken at an accredited mortgage broker training school or institution. This can take the form of college or universities, though vocational schools and community colleges will typically also offer courses in mortgage broker training. These courses or classes are designed in providing individuals the necessary skills and knowledge in order to obtain a mortgage broker license.
Most states will require that a mortgage broker license be obtained in order to lawfully practice within that state. To obtain a mortgage broker license, a person must pass a written exam.
The mortgage broker license exam will cover topics such as federal, state, and regional laws and provisions regarding mortgage lending, underwriting guidelines, lending forms, and loan origination process. Upon passing the exam, a person can then apply for a mortgage broker license, which will usually require a fee and some personal information, such as financial and credit history and disclosure of criminal record, if any.