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A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular.
Mortgage loan officers in the United States must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements. [3]
A mortgage broker can help you save on fees: When you get a mortgage, you’re likely to pay an origination fee, application fee and appraisal fee — just to name a few. A mortgage broker may be ...
College graduates fall into this category once they have completed the state-required courses as well. California allows licensed attorneys to become brokers upon passing the broker exam without having to take the requisite courses required of an agent. Commonly more coursework and a broker's state exam on real estate law must be passed.
A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders. As a result, mortgage brokers can help you compare options from various lending ...
Mortgage brokers are a great resource to help you find the best mortgage for your needs — but like many paid financial services, you can also do the legwork yourself.
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