What is a mortgage broker and how do you become one?

A mortgage broker is an independent loan officer who works with wholesale lenders. He originates loans and shops them to various lenders for borrowers whereas a mortgage banker originates loans for the bank by which he is employed.

Being a loan officer is a challenging position that requires excellent listening, communication, and analytical skills. It also requires great attention to detail and research skills.

Because no two loans are the same, it is not a position for those who do not deal well with infinite variety. The best training is received at large lending institutions. They won't pay the highest but they'll train you to the teeth. Once you are trained you have a much higher chance of surviving as a mortgage broker.

A mortgage broker is basically a representative of many banks. He acts as a middle man but can have a great value in finding the right program for middle of the road credit.

To become one you would need to become licensed by your state.

Here is some additional info. Hope this helps.

There are 0 skills to develop right into a loan originator. ( regrettably). with somewhat of luck quicker or later they are going to be regulated. maximum are 100% fee. All you want to do is come across a loan business corporation to attach with and pay you.