How do you Become an Independent Mortgage Broker?

How do you Become an Independent Mortgage Broker?

An independent mortgage broker in Kitchener is a mortgage loan professional who, instead of working for a specific lender or bank, works independently and on a freelance basis on behalf of customers, helping them scour through several hundreds of lenders for the best loan program for their needs.

Getting into a career as an independent mortgage broker entails meeting several different requirements, which varies depending on city and/or state. However, there is almost always a path any person desiring to be a mortgage broker must take.

A Quick Note

Remember, becoming a mortgage broker in Kitchener entails making several major decisions on behalf of clients, helping them find a home by finding the best loan to make it possible. As cliché as it sounds, it’s not a career for the soft and meek, more so if you’re helping businesses decide which loans to take in the commercial aspect of real estate.

If all that is right up your alley, you can proceed with the guide below.

  1. Do you have what it takes?

A reliable Kitchener mortgage broker has certain qualities that make him just: a good broker.

Getting a career in mortgage brokerage business entails getting a formal education and working towards a license, but some skills and traits are harder to get, which according to many, are just innate in a person.

For instance, salesmanship is a quality on many a successful mortgage broker, as finding and selling mortgage loans calls for some shrewdness in sales.

Another trait to have is an attention to detail, something necessary with all the paperwork you can expect to deal with, both on the lender and purchaser side.

An independent mortgage breaker must be able to assessment circumstances quickly, determining the best possible solution for the client. And if your career’s finally gaining some steam, you can expect to do this for several different clients all at the same time. You must have solid communication skills as you work with clients and lenders, communicating the desired terms and needs between one party and the other.

  1. Get licensed

Each province and city you plan to serve in can have different mortgage broker licensing requirements, so be sure to check these before you start your journey. Check your local regulatory agency for businesses, as well as other relevant government agencies that oversee the brokerage business—these departments can tell you what you need to obtain a license as a mortgage broker.

  1. Get education and training

Getting a formal education in mortgage brokering is still the best way to learn the basics of the business, from mortgage loan laws according to your city or province, to the different rules that affect clients, lenders, and brokers themselves. But if you think you can get away with self-study instead of onsite classes, some localities allow self-directed training—so long as you can pass the licensing exam.

  1. Take the licensing exam

Once you’ve completed your course of training to become a mortgage broker, you can then proceed to acquire a license by taking the necessary licensing exam in your locality. The exam will determine whether your have enough knowledge of the loan and banking industry, and will test your knowledge of the rules and regulations concerning the business.

  1. Decide on an approach to your services

Once you have finally passed the exam and obtained a license, you need to decide on your approach  to operating your business. Starting out means essentially being a one-man show, so think about whether you want an office at home, or leasing office space near you. You can also think about hiring people, or working under the tutelage of another broker.

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