Requirements to Become...
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What are the Requirements to Become a Mortgage Broker?

Discover a Rewarding Career as a Mortgage Broker

Mortgage brokers, also known as loan officers, provide many individuals and new businesses with start-up capital, an essential first step for people looking to purchase a car or house, start a company, or pay for a college education. Mortgage brokers facilitate this lending process by finding and screening new clients, guiding them through the application process, and arranging repayment schedules. The loan process is far from fixed, and successful mortgage brokers must cultivate a nuanced understanding of credit and the different types of financial assistance available to people in widely varied situations.

Requirements to Become a Mortgage Broker
  • Bachelor's degree: The Bureau of Labor Statistics (BLS) notes that a bachelor's degree in finance, economics, or a related field is one of the major requirements to become a loan officer.
  • Work experience in a related field: Although not a hard and fast requirement, the BLS observes that employers often favor candidates with previous banking, lending, or sales experience.
  • Licensure: Some states require mortgage brokers who work in mortgage banks or brokerages to obtain licenses, a prerequisite that the BLS predicts may become more stringent in order to weed out predatory lenders.
  • Certification: Optional certifications opportunities exist for real estate brokers who have three years of experience, earn educational credits, and pass an exam. Attainment of this certification usually broadens advancement opportunities.
  • Personal qualifications: The best mortgage brokers exhibit confidence, affability, and a high degree of initiative. Knowledge of computers is also a plus.


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