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Steps to Becoming a Mortgage Broker

The mortgage industry is ever-growing and ever-evolving. As it continues to grow, the demand for quality mortgage brokers is also increasing. If you’re a person willing to deal with both clients and the financial institutions, and you’re knowledgeable of the industry, a career in the mortgage industry should be on your mind. If you find this industry exciting and you want to help people acquire their biggest investment, read this short introduction into becoming a mortgage broker and learn how The Surety Place can help you secure a mortgage broker surety bond!

The Surety Place – A Partner for the Growth of Your Business

If you’re thinking about the mortgage broker industry and how to be a part of it, The Surety Place has prepared an insight into becoming a mortgage broker. In this short introduction, we’ll go over the intricacies of being a mortgage broker and how to become one! The Surety Place is the number one place to acquire your much needed mortgage broker bond in all 50 US states. Let’s start a partnership with one simple call

Mortgage Broker Definition

A mortgage broker is a middleman between the borrowers (future property owners) and lending institutions. As opposed to mortgage lenders, brokers don’t use their own funds to fund a loan.

A key ingredient in acquiring a mortgage loan is connecting with a great mortgage broker. When the client is ready to acquire a property, they often go consult with a mortgage broker. Clients need someone dependable to shop around for the best deal when it comes to their future mortgage. In that sense, mortgage brokers are only intermediaries who, on behalf of the client, search for the best mortgage loan deal available.

As a mortgage broker, you need to understand the real estate industry as well as the financial world that surrounds you. Being a successful mortgage broker is all about having great relationships with the clients and the mortgage loan institutions, understanding their needs, and understanding which deal is going to be the right one for your client.

Mortgage Industry

The mortgage industry is a major player in the financial sector of the United States.

As a specialized financial institution, mortgage companies fund mortgage loans to clients for residential and commercial properties.

The real estate industry is currently booming all over the world, and with so many of us wanting to own property, this industry is growing by the day. The mortgage industry essentially is helping clients realize their dreams by helping them acquire their biggest investment – property.

How To Become A Mortgage Broker

Nationwide Mortgage Licensing System (NMLS) Pre-Licensure Class

One of the first things you must fulfill if you’re thinking about becoming a mortgage broker is taking a pre-licensure class. This step is necessary since you cannot get approved for the license if you don’t finish it.

This class usually lasts around 20 hours. During the program, you’ll learn about federal law and regulations, ethics, mortgage products, and a few other subjects you’ve chosen.

SAFE Mortgage Loan Originator Test

After you’ve finished the obligatory pre-licensure program, you’re ready for the NMLS exam.  This exam is officially called the SAFE Mortgage Loan Originator Test. This exam is the same all over the US, although there might be some added questions depending on the state you’re trying to acquire your NMLS license in. Once you finish this exam, you’re ready to get licensed.

Acquire A Mortgage Broker Bond

Before you submit your application for the NMLS license, there are a few other obligatory things you must do. One of the things you need in order to acquire a license is to acquire a mortgage broker bond. The bond amount set will depend on the state you’re going to be doing business. The process of acquiring a mortgage broker bond is usually pretty easy, especially if you contact The Surety Place. Our company is capable of servicing all of your bonding needs whether large or small. With over 50 years of combined experience, we’ll be able to secure the mortgage broker bond that suits all of your needs. Contact us today, finish the process quickly, and start being the best mortgage broker you can be!

Register Your Business In The State

Another thing needed is providing the state you’re going to be operating out of with a business plan. That means you must devise a plan, provide statements and register your business with the state.

Target Your Potential Clients

Doing the previous step also includes finding a physical location you’ll operate out of and devising a marketing plan to target the future clients. Finding a location is a necessary step in the process because a right location will place you on the right path towards success.

Devising a marketing plan is the right way toward acquiring some of the first clients. Everybody understands that exposure is necessary if you want to be successful in whatever field you’re in. Put a little extra effort in the advertising aspect of the business and you’ll be an instant success!

Submit The Application For The License

After you’ve received your mortgage broker bond from The Surety Place and you registered your business, you’re ready for the final step of the process – getting the license. Make sure to send the bond certificate and necessary business statements with the license application in order for the application process to be deemed successful.

Get The License And Start Doing Some Business

If you completed all of the prior steps, you can expect your NMLS license to arrive. After you’ve received the license, you’re ready to do some work. Start attracting some attention and get those first clients. Secure them the best mortgage deal available, and they’ll recognize the hustle you put in. As time goes by, additionally educating yourself is a thing to consider. The work you put in will reflect on the mortgage broker business you own.

The Surety Place – The Place That Helps You Prosper

When Others Say No, We Say Yes

If your business is ready to add more value, make sure to contact The Surety Place. With over 50 years of combined experience, our dedicated team can secure you any type of bond you might need. Contact The Surety Place at (480) 419-2456 or connect with us online and we’ll contact you as soon as possible!

The growth of your business is the only goal of ours.


December 10th, 2021
Surety Place