1
Research the position to determine if it's truly what you want. (See "Additional Resources," below, for links to books with valuable, comprehensive information on the mortgage-lending field.) Becoming a mortgage broker means involving yourself in very high-stress sales. There is huge pressure to succeed and grow your portfolio, and the competition in the marketplace can be fierce. Sales ability is both a skill and an inherent quality found in some people. To succeed, you'll need equal parts people skills and charm, ethics, a drive for success and a characteristic that motivates you to make money.
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Step 2
Enroll in economics and finance courses. While an accounting degree isn't necessary to become a licensed broker, understanding fundamental economic and accounting principles will ease your transition into this career and give you a leg up in the pool of future candidates. Reach out to current brokers in your community to find out the responsibilities and day-to-day activities of a broker.
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Step 3
Find an internship program at a brokerage or a financial lending company. This will give you hands-on experience with the process of loan origination, client sourcing, loan processing, closing and loan servicing. It may be beneficial to try different agencies--lending companies and boutique broker firms--to get a taste for different jobs. Learn the skills necessary to become a broker, and make connections in the agencies at which you intern to sow the seeds for future job options.
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Step 4
Determine what kind of broker you'd like to be. You can be a full W2 employee with a firm where you'll be required to work under a certain set of guidelines, or you can be a self-employed broker either on your own or at a brokerage firm. There are positive and negatives to both options. At a firm, you'll be required to meet quotas and sell ancillary products, but you'll probably have a steady paycheck. As a self-employed broker, you may have more earning potential, but you will not have benefits or a steady paycheck to fall back on.
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Step 5
Apply for positions best suited for your needs and desires. Use your contacts from your internships for recommendations and connections to new firms. Emphasize sales ability and your academic finance background when applying. If you become self-employed, you'll need to get your license on your own, where you'll need to file an application and prove your ability to service financial products.
- Loan Broker Books
- Your Successful Career As a Mortgage Broker
