How to Become a Mortgage Broker Without a Degree
A mortgage broker is usually the first person you see when you are looking into buying a home. Helping someone to purchase a home is a very rewarding experience. Becoming a mortgage broker can also be a lucrative career choice and does not require a college degree. Mortgage broker requirements vary from state to state.
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Instructions
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Take a 24-hour mortgage broker class through an accredited program. Many community colleges offer this course with proper accreditation. Check with your state for education requirements. Some states require only a 20-hour course and some do not require coursework at all. In these cases, usually two to three years of mortgage experience is required to become a mortgage broker.
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Pay the application fee and pass the state mortgage broker exam. Application fees can range from $200 to $750, depending on the state in which you wish to become licensed.
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Provide a surety bond to the state. A surety bond is a way to ensure that you will adhere to state and federal guidelines as a mortgage broker. Surety bonds can be purchased through a surety bond company. Surety bond amounts range from $15,000 to over $100,000. The price for a surety bond will depend on the company you use and how your credit rating is.
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Provide your fingerprints to the state and pass a background and credit check.
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Complete continuing education every two years. Each state has its own requirements on continuing education. You may need to complete from 14 hours to more than 20 hours.
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Tips & Warnings
Check with your state to determine their requirements for becoming a mortgage broker.
Bad credit and a criminal background may prevent you from becoming a mortgage broker.
