Becoming a mortgage broker is simple, but you should have an interest in real estate. A mortgage broker is a mortgage loan officer that connects home buyers with the best rates. Besides this, they offer home loans, share different loan options, and maintain a professional relationship with lenders. In Nevada, this job is quite famous. But, how to become a mortgage broker in Nevada? Here is your answer.
How to become a mortgage broker?
You must have some qualifications and degrees to become a mortgage broker. If you have the right background, you will get the work effortlessly and succeed in it. These are the steps to reach your goal as a mortgage broker.
- Obtain a high school diploma
The first requirement is a high school diploma. After this, you need to earn an advanced degree such as a bachelor’s degree in finance or business administration. It helps in improving your chances of getting better jobs in that field.
- A pre-licensure class
To become a reputed mortgage broker, you need to get a license. For this, you have to do a 20 hours pre-licensure class. In this class, you will learn about the topics such as broker ethics, federal and state mortgage loans.
- Passing the national mortgage license system test
After completing your pre-licensure class, you should pass the national mortgage license system (NMLS) exam. This exam checks your knowledge of the field and the basic guidelines and rules of real estate. A percentile of at least 75 is required to pass this exam.
- Register for your mortgage brokerage
Once you pass the exam, you can register your mortgage brokerage business. The requirements for the registration depend on the place you are living. While enlisting for a business, you will have to choose between a physical location for your service and online brokerage business. Both are good in their ways.
- Get your mortgage broker license and broker bond
After the registration process, apply for the mortgage broker license. You need to pay a fee for the license application and get the correct bond.
- Maintain your license throughout
It is necessary to keep your license updated according to your education every year. Moreover, this license is proof that you are still pursuing your course every year. Apart from this, it also ensures that you are doing your work nicely.
- Don’t stop your training
Continue your training to become a successful mortgage broker. It will also keep you updated on the current rules and regulations of the business.
So, these were the basic requirements to become a mortgage broker. But, before starting your studies, you need to be 100% sure that you want to enter this field because it requires a lot of patience to grow in this business.