How to Become a Wholesale Mortgage Broker
A wholesale mortgage broker works with wholesale lending companies to provide real estate financing at highly competitive prices. Different from a traditional mortgage broker, a wholesale mortgage broker has to have access to insider information to offer lower rates for customers.
- Difficulty:
- Moderate
Instructions
Things You'll Need
- Professional mortgage broker certification
- Bachelor's degree in business or finance
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Get the Credentials
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1
Study business, law, finance and economics throughout secondary school into college. Most high schools offer at least a few courses in each of these subject areas.
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2
Attend college and work your way to a Bachelor's degree. You'll give yourself the best educational background by studying business, finance, marketing or economics. However, liberal arts and science majors can also go on to become a wholesale mortgage broker by gaining professional credentials.
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3
Take additional training courses to earn your mortgage broker credentials from an association that is licensed to bestow professional certifications. Formed in 1973, the National Association of Mortgage Brokers is an excellent resource for people looking to become more familiar with state to state regulations (see Resources below). Typically, you will have to attend an in-class practical workshop, pass an examination and possibly pledge to adhere to an ethics code to complete your certification.
Become a Wholesale Mortgage Broker
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1
Gain practical experience by taking a job as a broker trainee as you complete your studies, or afterwards. Work your way into a position as a mortgage broker, establish a reputation and a client base and hone your expertise of the mortgage lending industry.
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2
Make a business plan. Your college business training will help you determine the best way to market yourself, reach potential customers and efficiently run your business. Consider bringing in partners or taking a business seminar if you lack the proper know-how to execute this step.
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3
Announce your intentions to become a wholesale mortgage broker to your present client base, and advertise your new business locally. Work with wholesale lenders to secure low mortgage rates and pass the savings on to your customers. Anticipate that you'll need to be financially secure during the months and years it takes to build your wholesale mortgage business.
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1
Tips & Warnings
Establish relationships with wholesale lenders by working for a brokerage firm to gain experience before going into business for yourself.
Brokering mortgages without a license to do so can lead to violations of state and federal law.
