How Do You Become a Mortgage Broker?

How Do You Become a Mortgage Broker?

To become a mortgage broker, you must complete a state-approved training program and pass the licensing examination. Mortgage brokers must be licensed by their employing state. Gain a license by meeting training and insurance requirements and paying all licensing fees.

  1. Enroll in an accredited training program

    Locate and enroll in a pre-licensing mortgage broker training program. Program coursework and duration vary based upon state regulations. Training typically consists of federal lending laws, ethical lending and other topics specific for mortgage brokers.

  2. Pass the licensing examination

    Upon completing your training program, apply for the state licensing examination. Examinations are designed and overseen by the state. Be prepared to pay an examination fee.

  3. Apply for a broker license

    After passing the licensing examination, obtain a mortgage broker license application from your state's department of banking and finance. Be prepared to supply the state with your examination scores, training program certificate of completion, financial reports and insurance information. Exact requirements for a broker's license vary from state to state. However, most require a minimum business net worth and a surety bond.

  4. Submit the application

    Submit the application. Be prepared to pay an application fee of several hundred dollars. Upon review and verification of your application, you receive a mortgage broker license.

  5. Continue your training

    All states require licensed mortgage brokers to undergo a specific number of continuing education hours before license expiration. Continuing education courses are available at colleges, universities and vocational schools.