How to Become a Mortgage Lender

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Becoming a mortgage lender varies from state to state, but generally, educational courses are required in addition to passing a state exam. Become a mortgage broker or correspondent lender with advice from an experienced mortgage broker in this free video on personal finance.

Part of the Video Series: Mortgage Information
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Video Transcript

Hi, my name is Matt McKillen, I'm with Innovative Financial Group. The question posed to me today is how do you become a mortgage lender? Depends basically from state to state and what their licensing guidelines are. Generally for example here in the state of Florida, there's three to what you can do in regards to mortgage lending. One is to be a basic mortgage broker which you do have to take some educational courses and pass a state exam. The next tier up that we have in Florida is called correspondent lender, which is basically a lenders license and in getting a lender or correspondents license, it does require that you have a net worth of a certain dollar amount, they like to see a lot of liquidating cash. There has to be some serious history in regards to time in the business. Now the difference between being a lender and a bank are very different also. A bank actually not only does mortgage loans, but they also have checking and savings account for the customers, and C.D.'s, more of thrift accounts. So, being a mortgage lender, at least in the state of Florida is a lot easier to acquire than getting a bank charter, and it's a tier above being just a specific mortgage broker. Thanks again for asking, this is Matt McKillen with Innovative Financial Group.

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