| I wanted to take a few minutes to address | | | | loans a month. Hey, you're getting into this |
| some of the most common questions asked by | | | | business to make money. |
| individuals looking to start a new career in | | | | |
| the mortgage industry. These are some of the | | | | Do I Have To Go To College? |
| same questions that I asked myself when I was | | | | |
| curious about obtaining a position as a | | | | The answer to this question surprises a lot |
| Mortgage Broker. Although I had many | | | | of people and it is one of the most |
| questions here were the top ones. | | | | frequently asked questions. In today's |
| | | | society, mortgage brokers are regarded as |
| Do I Need A License? | | | | leaders in the banking industry. Due to this, |
| | | | most people assume that a college education |
| One of the most frequently asked questions by | | | | is required. Let me be the first to let you |
| individuals interested in a career in the | | | | know that a college education is not needed |
| mortgage industry is if they need a license. | | | | to become a mortgage broker. The only |
| Most people think that a license is required | | | | education required is a High School diploma. |
| because you are dealing with real estate, and | | | | |
| since real-estate agents have to have them, | | | | Can I Do This Part Time? |
| then Mortgage Brokers and Loan Officers | | | | |
| probably need to have them as well. | | | | A majority of people ask this question for |
| Surprisingly, in most States, a license is | | | | one reason and one reason alone, THEY ARE |
| not required to become a mortgage broker/loan | | | | AFRAID. They are afraid that they will get |
| officer. However, the rules and regulations | | | | in the loan industry and fail. First of all, |
| are different for those who own or are | | | | let me go ahead and answer this question for |
| interested in starting up their own mortgage | | | | you. Yes you can do this part time, but would |
| company. In this case, those individuals | | | | I recommend it? No. If you are going into |
| would need a business license and other | | | | this business, you need to go into it full |
| things specified by their particular State. | | | | force and not do it halfway. Those who are |
| However, if you are working for someone more | | | | successful in this business are the ones who |
| than likely you won't need a license. | | | | go at it full force. If you focus all of your |
| | | | energy into being great in this business and |
| How Much Do Mortgage Brokers Earn? | | | | you actually put forth the effort to push |
| | | | yourself out there, you will succeed and you |
| This is another question generally asked by | | | | want need to do this part-time. Once you see |
| those seeking a new career in the mortgage | | | | the money you make, you will thank me for |
| field. However, due to the nature of the | | | | suggesting that you enter this career |
| mortgage business (being mostly commission | | | | fulltime. However, if going into the |
| based) and due to the fact that I don't know | | | | mortgage business full time still makes you |
| your work ethics (how hard you work), I can | | | | nervous here is an alternative. Get a |
| not predict exactly how much you will | | | | part-time job, while you do mortgages full |
| personally make in this field. With that | | | | time, and once you are comfortable in your |
| being said, the typical mortgage broker/loan | | | | position as a loan officer, then get rid of |
| officer makes $25,000-$35,000 per year. | | | | the second job. Another alternative is to |
| That's closing an average of 2-3 loans per | | | | save up a month's salary or so until you get |
| month, but if you really want to be in this | | | | off of your feet. |
| business your goal should be to go way above | | | | |
| that amount. Some have even made six figures | | | | So there you have it, the top questions asked |
| in this industry. My personal belief is that | | | | by those aspiring to become mortgage brokers. |
| you should always aim to close between 5-10 | | | | |