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How to Become a Loan Broker on Commission

The field of mortgage lending can offer great benefits. Successful loan brokers often make well over $100,000 per year and determine their own schedules. Becoming a commissioned loan broker is a challenging task. You'll need to get an appropriate education and training prior to soliciting and closing mortgage loans. There is a process you must follow in order to have success as a loan broker working on commission.

Things You'll Need

  • Baccalaureate degree
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Instructions

  1. How to Become a Loan Broker on Commission

    • 1

      Enroll in an undergraduate program. Nearly all commissioned loan brokers have a bachelor's degree. Make sure to apply to schools that have strong financial and economics programs.

    • 2

      Enroll in the following classes: micro- and macro-economics, financial accounting, business administration, tax law and international finance. Consider majoring in a finance-related program.

    • 3

      Look for loan broker internships in your junior year of school. The more experience you have in the real world of mortgage financing, the better your options will be once you graduate. Try to find a local brokerage and make sure that during your internship you shadow a commission-only broker.

    • 4

      Spend as much time in the day-to-day process with your loan broker mentor. Ask to sit in on sales pitches, meetings with underwriters, managers and auditors. Witness at least three different loan closings. Make sure to network with all parties involved with the mortgage process: mortgage processors, sales staff, underwriters, managers and quality control officers.

    • 5

      Ask for recommendations from all members of the loan brokerage where you interned. Be sure to get a recommendation from at least one commissioned loan broker.

    • 6

      Begin your job search once you've graduated. It's best to first decide on a geographic location then begin to send resumes.

    • 7

      Make sure you have a good financial cushion before accepting a commission-only broker position--consider taking a night job to keep your cash flow going. It's unlikely that you'll make good money as a broker in the first three months you are working.

    • 8

      Begin to mark out a sales territory. Prepare yourself for a long series of cold-calls. This is essential to begin building a clientele.

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