Mortgage Broker License – This professional license is necessary for anyone who, as an agent or representative of a licensed residential mortgage lender or an investor, finds a potential residential mortgage candidate or negotiates for a loan commitment or agreement for a loan with money Hervey Bay Mortgage Broker. This professional license is also required by any state licensing authority in order to transact business in that state and to comply with applicable federal laws that regulate the lending industry.
As a broker, you will work directly with the licensed mortgage lender and provide the loan application and related documents to the lender for review. You are then responsible for finding a suitable lender to make an offer on a loan to the potential residential mortgage borrower.
Mortgage Broker License
The exam that is administered by the examiners in order to meet the educational requirements to obtain a mortgage broker license is known as the National Underwriting Examination (NAEE). The first step in becoming licensed as a mortgage loan originator is to complete training provided by a qualified education center, continuing education facility, or vocational institute.
In addition to completing the training provided by education centers and continuing education facilities, mortgage brokers must complete the National Association of Mortgage Brokers Examination (NABMEO) examination. Although not required, the exam is used to assess your knowledge, speaking skills, and writing abilities in comparison to other mortgage brokers. Once you pass the exam you will be issued your license by the National Underwriting Commission (NUCC).
While mortgage brokers do not have to have a financial or sales background, there are some inherent advantages to becoming a licensed mortgage broker. One of those is the potential for future job growth and a higher income level.
Another advantage is that the mortgage broker license can be utilized by other licensed brokers to further their careers and increase their income levels. The mortgage broker license is one of the most prestigious licenses available to mortgage brokers in the United States and the procedure to obtaining a mortgage broker license can be completed quickly and conveniently over the Internet.