A Guide to Becoming a Licensed Mortgage Broker: Everything You Need to Know

Loan Officer Resources > Licensing Thinking about becoming a mortgage broker? Or looking to understand more about what they do? Let’s delve into this profession, what mortgage brokers do, the benefits, and the steps needed to kickstart a successful career. If you’re considering setting up your own mortgage brokerage, consider Morty Platform’s Business and Brokerage tiers which allow you to leverage our mortgage, compliance and tech infrastructure to run your own business.

• What is a Mortgage Broker?
• Why Consider Becoming a Mortgage Broker?
• Steps to Becoming a Successful Mortgage Broker:
• Key Considerations:
• Looking Ahead
• Learn about joining the Morty platform.

What is a Mortgage Broker?

A Mortgage Broker serves as a licensed professional who helps clients find and secure the right home financing solution from among lending institutions who fund those loans. Depending on the type of financing someone is looking for—whether it’s a purchase mortgage, refinance, HELOC, or HELOAN— the broker will help find a lender and work with them on completing the mortgage. It goes beyond a mere transaction; it’s about understanding the unique needs and financial circumstances of each client.

Mortgage brokers play a pivotal role in helping their clients navigate the complex landscape of mortgage products, mortgage rates and overall act as a personalized guide throughout the entire process. Beyond the initial matchmaking, brokers take on the responsibility of providing insightful recommendations, ensuring that potential homeowners not only secure suitable mortgage products but also comprehend the details of the loan they are acquiring. In essence, they serve as knowledgeable advisors, demystifying the mortgage journey and empowering clients to make informed decisions that align with their long-term financial goals.

Why Consider Becoming a Mortgage Broker?

• Engaging Work: Each client you work with will have different needs and as a broker, you’ll experience a change of different personalities and situations making each day distinct and engaging.
• Scalable Income: Mortgage broker income is typically composed of a combination of base salary, commissions, and bonuses. The average salary of a mortgage broker and their full take home compensation can vary widely based on state and level of experience. As brokers increase their experience and build their network, there are a number of ways for mortgage brokers to find and scale their income.
• Networking Opportunities: You’ll establish connections with various industry professionals, from real estate agents to lenders, amplifying your business opportunities and reach.

Get a leg up, with Blueprint

Morty’s Mortgage Licensing & Activation Accelerator

Steps to Becoming a Successful Mortgage Broker:

• Get Licensed:Getting licensed as a loan officer will involve at least 20 hours of coursework, test prep and an exam, along with other, state-specific requirements. With the right guidance and resources at your disposal, like those available from the Morty platform, it’s possible to get licensed in as little as 3 to 4 weeks. There are a number of mortgage broker education program to help support and train you during the licensing process — Morty’s Blueprint Package offers both pre-licensing education and mentor opportunities.
• Gain Experience:Find a mentor to help show you the ropes of the mortgage industry and get connected to great mortgage brokerage firm (like Morty!). This hands-on experience is invaluable and can set the foundation for your career. It can also help you start to build connections!
• Continue to Learn: The mortgage sector and housing market are dynamic and always evolving. To remain relevant and effective, ongoing education, such as attending workshops and seminars, is crucial.
• Build a Network: As with many professions, networking is key. Attend industry events, join associations, and nurture relationships with real estate agents, lenders, and clients.

Take your career to the next level, with UpLevel Guides.

Key Considerations:

• Ethics Matter:Trust is paramount when working as a mortgage broker. Always remain focused on your client’s best interests and be transparent about costs, commissions or fees.
• Stay Updated: With fluctuating interest rates, lending policies, and market dynamics, staying informed is essential.
• Brace for Competition: The field is highly competitive. However, with dedication, a commitment to excellence, and unique value propositions, you can carve out a strong niche for yourself.
• Choose your market: Brokers can be licensed in as many states as they want, but each state has slightly different licensing requirements.

Looking Ahead

Becoming a mortgage broker offers an exciting journey into the world of real estate and finance. It’s a role that demands diligence, interpersonal skills, and an analytical mindset. But for those willing to put in the work, the rewards—both financial and in job satisfaction—can be great.

Whether you’re looking to switch careers or are embarking on your first professional journey, becoming a mortgage professional offers a path full of potential. If you’re looking for support in getting licensed, check out the Morty platform. Mortgage brokers working off Morty’s platform earn competitive commissions and leverage Morty’s team, tech and lenders.

Learn about joining the Morty platform.

Morty makes it quick and easy to for licensed MLOs to get sponsored and work off our platform. Take a look at our Platform Business Tiers. These tiers are specifically designed to give you the independence to start or scale your mortgage brand with the resources, infrastructure and technology you need to be profitable in today’s mortgage industry.