Becoming a Mortgage Broker

skills

A mortgage loan broker acts as a middleman between mortgage lenders and buyers. The main skill set needed for this intermediary role is a proficiency with business, economics and accountancy. Alongside these areas a knowledge of the law, computer literacy, efficient document management and an ability to communicate well between various parties and conduct successful research are needed. Mortgage broker positions require the appropriate licenses to operate in the areas they wish to work. But how can you learn to become a qualified mortgage broker and what steps do you need to take before this is possible?

Complete Your High School Qualifications

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The absolute minimum requirements to become a mortgage loan broker are that you have completed your high school qualifications. Without these base requirements it will prove to be near impossible to achieve the role. As well as these it would be advisable to attend classes or complete high school courses which will allow you to boost your proficiencies within computing and math’s so if these are not subjects which have been covered during high school find some form of equivalent qualifications in these areas. Given the legal complexities which are involved in the role, a lot of employers will look to recruit bachelor’s degree graduates especially those who have studied in economics, finance and business. Wherever possible gain these extra qualifications to put yourself at an advantage over the other potential candidates

Get Experience in a Similar Role

One of the key things any employer will seek in a role is previous employment in the job you are applying for or in an equivalent area. Jobs such as being a loan officer or a real estate agent will allow you to understand and develop your analytical skills, how to conduct comprehensive market research and the use of accounting software. Doing so will also show inter transferable skills and it will demonstrate to an employer a commitment to the field of work which you desire to move into. It is often the hardest thing to find previous experience before acquiring a job and it can prove to be a catch 22 situation so working within these preliminary roles will boost your credentials and opportunities.

Get Licensed

license

It is imperative that you get an Australian Credit Licence (ACL) from the Australian Securities & Investments Commission (ASIC) or equivalent body appropriate to the area in which you wish to work. You cannot engage in any activities unless you have this licence so it is imperative that you get this as soon as possible. Prior revoked mortgage licences and felonies can lead to a refusal and licences not being granted so research this with the relevant bodies beforehand.

Obtain Lender Accreditation

It is highly advisable to achieve further qualifications. Doing so will expand your knowledge, make you more employable and be able to serve clients more successfully as well as command a higher salary. There are various levels of certifications which will all require previous employment within the field. These qualifications will need renewing periodically but they will put you at a distinct advantage over your peers. How frequently they will need renewing can alter in various locations so you will need to check this so that you are doing them at the relevant times.