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Mortgage Broker Career: The Basics
from: Deb St. George - HomelessInKingCounty.comThere are a few things that everyone looks for when they try to find the perfect job. For one, they want to be able to do something that is fun and that they can see doing for a long time. They also want to be successful and in demand. Finally, and often most importantly, they need to make a lot of money. Of all jobs, there are few that fit into all of these categories. One of the better ones is mortgage brokerage. If you want to try a new and challenging career that has a lot of amazing benefits, then you should definitely look into starting a mortgage broker career.
There are some things that you need to know before you consider a mortgage broker career. First, you need to know what it actually is. A lot of people have misconceptions about what mortgage brokers do. They assume that they are working for lending companies and are just out to sell loan products to unsuspecting prospective home buyers. That's not the case, although there is a career that falls under that description: loan officer. In reality, a mortgage broker works as an intermediary between the prospective home buyer and the lending company. The home buyers are the broker's real clients, and they work for them.
Essentially, you'll be helping people find the best lending company and loan product for the customer during your mortgage broker career. You want to evaluate who these people are, what the credit is like, and what they need. Then, with that information, you can present them with a few loans that fit the criteria. This is what being a mortgage broker is all about.
Sounds like a fun job, right? Well, hold it right there. A mortgage broker career isn't for everyone. There are certain personality traits that you need in order to be successful and for you to like what you do. Since you'll be working with clients so much, you should really enjoy people. If you don't, then you are ill-suited for this career. You should also be okay with filling out paperwork as you'll be doing a lot of it.
But you can't just start a mortgage broker career on a whim. You actually need to get a license first. This can be achieved after you take classes on the subject and pass a test. Once you do those things, and pay the necessary fees, you should be able to obtain a license. With it, there is nothing stopping you from starting your career as a mortgage broker.
Mortgage Broker Loan Officer News
Ellie Mae Awarded US Patent for Enterprise Security Management - MarketWatch (press release)
Ellie Mae Awarded US Patent for Enterprise Security Management MarketWatch (press release) For example, a lender can restrict what actions a mortgage manager can perform on loan files and documents or limit what a loan officer or processor can approve and what data and files they can access. "As our industry migrates to cloud computing and ... |
Former Solon loan officer with Buckeye Lending will spend 41 months in prison ... - Plain Dealer (blog)
Former Solon loan officer with Buckeye Lending will spend 41 months in prison ... Plain Dealer (blog) By Thomas Jewell, Sun News SOLON - A former mortgage loan officer with Buckeye Lending was sentenced May 11 to serve 41 months in federal prison, as well as pay more than $3 million in restitution on mail fraud and money laundering charges that ... |
Mortgage loan officer licensing has reduced choices for Ohio consumers - Plain Dealer
 Plain Dealer | Mortgage loan officer licensing has reduced choices for Ohio consumers Plain Dealer Mortgage broker: Not a direct lender, but acts as a middleman, matching up borrower with lender. Loan officer: Works for a broker or bank and deals directly with the borrower. Mortgage bank: Not a traditional bank, but can fund its own mortgages before ... Number of mortgage loan officers slides in Ohio |
Brooklyn Park man's mortgage scam conviction reversed - Pioneer Press
Brooklyn Park man's mortgage scam conviction reversed Pioneer Press By Emily Gurnon The Minnesota Supreme Court has overturned the conviction of a Brooklyn Park loan officer who was sentenced to 10 years in prison for his alleged involvement in a mortgage loan scam. Marlon Pratt, 37, was convicted in 2009 on two counts ... |
BofA to Buy Back $330 Million of Mortgages From Freddie Mac - San Francisco Chronicle
 Providence Business News | BofA to Buy Back $330 Million of Mortgages From Freddie Mac San Francisco Chronicle Chief Executive Officer Brian T. Moynihan is seeking to limit further losses at the bank after booking more than $42 billion in costs tied to defective home loans. Buyers and insurers of mortgage securities have demanded compensation for shoddy debt ... Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... Fannie Mae Forecasts Feasible Growth for 2012 |
EverBank Financial Corp. Announces First Quarter 2012 Financial Results - MarketWatch (press release)
EverBank Financial Corp. Announces First Quarter 2012 Financial Results MarketWatch (press release) Total loans and leases held for investment were $7.2 billion at March 31, 2012, up $0.8 billion, or 12%, from December 31, 2011. -- Loans and leases originated were $2.2 billion for the first quarter. -- Deposits were $10.6 billion at March 31, 2012, ... |
H&R Block hires one-time subprime mortgage executive as its chief financial ... - Kansas City Star
H&R Block hires one-time subprime mortgage executive as its chief financial ... Kansas City Star He previously spent 13 years at General Electric Co., rising to the post of chief financial officer of GE's WMC Mortgage business in 2004. GE sold the maker of subprime mortgage loans in 2007. Bill Cobb, Block's CEO, said in the announcement that the ... |