Let’s look at each of the steps of how to become a commercial mortgage broker:
- Meet education requirements
- Enroll in pre-licensure class
- Pass NMLS test
- Register/establish mortgage broker
- Apply for broker license
- Maintain license
- Undergo additional training
Let’s break down each of the steps to becoming a commercial mortgage broker:
1. Meet education requirements
If you want to become a commercial mortgage broker, you must consider how much education you need to get. Most commercial mortgage brokers have a bachelor’s degree, while some have a master’s degree. However, while most commercial mortgage brokers have a college degree, you can achieve that with just a high school diploma or GED.
To improve your chances of employment, as well as improving your earning potential, you should consider getting a bachelor’s or associate degree in business administration, finance, etc.
2. Enroll in pre-licensure class
To become a commercial mortgage broker, you must be well prepared. That means you must be certified and licensed for the job. The first step is to get your license. However, you must first successfully complete a licensure program. This includes an approx. 20-hour class, which covers all the essential topics on federal laws, state mortgage laws, broker ethics, and financial regulations.