Mortgage Broker Education Requirements

Mortgage broker is a professional who acts as a bridge between a customer who is looking forward for mortgage loans and the money lending organization. These professionals gather the financial information of the customer and look for an organization from where customer can get loan at the lowest possible rate. There are no stringent education requirements to become mortgage broker but the candidates who want to pursue their career in the field must possess specialized training, certain skills and professional certification credentials.

The courses educating the candidates with the knowledge of finance, accounting and economics are apt for the candidates who want to become professional mortgage brokers. This education should focus on developing the right set of attributes in the candidates which can help them in their professional career.

Mortgage Broker Education Requirements:

  • The candidate who wants to become professional mortgage broker must pass high school with mathematics subject.
  • These candidates can obtain necessary knowledge by enrolling into accounting and finance based degree level courses.
  • These professionals must also possess sales & marketing skills in order to deal with their clients.

Mortgage Broker Degrees, Courses and Certifications:

In order to become a successful mortgage broker, the candidates must attain following degrees and certification:

  • High school diploma or GED
  • Associates, bachelors or master’s degree in economics, accounting, commerce, finance or business or in any other related stream.
  • These candidates must possess the mandatory license offered by Nationwide Mortgage Licensing System Program.
  • There is an optional certification for mortgage brokers which can be considered by these candidates. This certification is provided by National Association of Mortgage Brokers. This certification has three levels:
    • General Mortgage Associate Certification is an entry level exam which does not requires any experience.
    • The second certification is Certified Residential Mortgage Specialist. It require minimum of two years of work experience in mortgage industry.
    • The third certification is Certified Mortgage Consultant which can only be obtained after 5 years of experience in mortgage industry.

Mortgage Broker Qualification and Training:

Since there are no mandatory education requirements to become mortgage broker, the only way these candidate can acquire requisite skills and abilities is through practical hands on training. These candidates also need to be proficient in communication skills and computers

Mortgage Broker Colleges and Universities:

Mortgage Broker Wages and Salaries:

These candidates can earn quite handsome salaries ranging from $30,000 – $85,000 depending on their performance.

Category: Banking Education Requirements

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