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While not required, it can also help to finish a two- or four-year course in the following disciplines:
- Finance
- Accounting
- Marketing
- Economics
- Business administration
The principles that you acquire from these disciplines will serve as a solid foundation for your day-to-day work as a mortgage broker.
Like a college education, previous work experience is not necessarily required. However, having some form of relevant training is recommended. For example, working at an established mortgage company before striking out on your own would be a good idea. After all, many mortgage brokers are simply former loan officers or bankers that decided to work independently.
2. Take pre-licensing training
To prepare for licensing, you must follow the Secure and Fair Enforcement Act (SAFE), which requires every state to license all mortgage loan originators. (This act is also known as Title V of the Housing and Economic Recovery act for 2008.) For this, you must secure an individual license from the Nationwide Multi-State Licensing System and Registry (NMLS).
To begin your licensing process under NMLS, you must finish a mandatory 20-hour training course, which includes the following subjects and breakdown hours:
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