#mortgage broker license
wiki How to Be a Mortgage Broker
As a mortgage broker, you will be involved with a lot of decision making. You will be an integral part in the time-honored tradition of home ownership by helping individuals decide which loan to use when purchasing homes. Or, if you decide to work on the commercial side of real estate, you will aid businesses in picking their loans. Many brokers start out working for a firm to gain experience and build a client base, but some decide to work independently from the start. In any case, you will need to get a mortgage broker’s license to practice your craft. Follow the steps below to get licensed, certified, and on your way to becoming a mortgage broker.
Part One of Three:
Obtaining a Mortgage Brokers License Edit
Meet the educational requirements. The only educational prerequisite for obtaining a mortgage broker’s license is a high school diploma. That said, a successful mortgage broker will have an understanding of accounting, law, financial analysis, and business principles. To gain this type of knowledge, consider earning a college degree in a related discipline or taking classes from an online source like Coursera. 
- You may also wish to take classes in advanced math, computer skills, and hone your research skills. These skills can help you succeed as a mortgage broker. 
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Gain related experience. Many mortgage brokers get their start as loan officers or real estate agents. Either of these careers will help introduced you to the world of real estate and mortgages. They can also help you develop crucial skills like financial analysis and how to read real estate market trends. 
Determine license requirements. Whether you work for a firm or for yourself, you will eventually have to become licensed to be a mortgage broker. In order to find out the licensing requirements for your location, try looking at a national trade association such as the National Association of Mortgage Brokers (NAMB) in the U.S. or the Real Estate and Mortgage Institute of Canada. The Web sites of these agencies can provide you with a list of licensing information broken down by state or province.
- To find your state’s requirements, go to this website: http://www.mortgagenewsdaily.com/mortgage_license/. Then, click on the state(s) in which you plan to practice as a mortgage broker for more information.
- Gaining your license will require you to not have any felonies on your record over the past seven years, to not have a previously-revoked mortgage broker license, and to pass the Nationwide Mortgage Licensing System (NMLS) test with a score of 75 percent or higher. 
Prepare for the license test. Before taking the license test, which is called the SAFE Mortgage Loan Originator Test, you are required to take 20 hours of NMLS-approved education. These classes include an education in loan origination law, standards, ethics, and processes. Your specific educational requirements will depend on your state, so refer to the appropriate state agency’s website for more information. 
- Be sure to take a state-specific preparation class, as some of the test contains state-specific questions. 
Take the license test . You can sign up to take the test on the NMLS website. They also have a test preparation handbook ready for potential test takers. Pay whatever fees or take whatever tests are necessary to become licensed in the state or province where you would like to be a mortgage broker and then take the test. You have 180 days after signing up to take the test before your testing window closes.  Costs and requirements may vary by state. For example:
- In the State of Arizona, it will cost you about $445 to participate in a pre-licensure education program. You’ll learn through the Arizona School of Real Estate how to pass the state exam. 
- Similarly, in the State of Washington, you must past the Washington Designated Broker test offered by the organization Pearson VUE. The Washington State Department of Financial Institutions works with the National Mortgage Licensing System (NMLS) to provide its licenses .
- The NMLS allows an individual to become licensed in multiple states with 1 application. Most states either participate in the NMLS or are going to participate at some point.
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