become a mortgage broker? (1 Viewer)

[Anthony Moore]

Anyone know the requirements (I live in florida) to be a mortgage broker?

I really couldnt find it online.

My main reason for this inquiry is because my father buys homes and rents them out. Now, he said something to the effect of "if I was my own broker, I could save a lot of money on commision." I beleive its because the mortgage broker gets him good rates and low down payments.

I would love maybe a link to website, or maybe some info on what KIND of mortgage broker we would have to look into.

Anyone have any info or advice?

 

[Chris Lock]

How hard did you look online?
http://www.dbf.state.fl.us/licensing/
To get a license, you have to take a 3-day class & an exam that's given once a month. Total cost for all that is a little under $400. Then you can go work for a mortgage broker business. But you can't start your own until you've had the license for a year. And you need to take another 16 or so hours of continuing education by Aug 2003, & pay to renew your license.
Or you can just get a job with a lender as a loan officer, which doesn't require a license.
A lot of lenders don't let you be the broker on your own loan, though, so if your dad wants to get a license just to save some commissions, I'd forget about it.
How many loans does he get in a year?
BTW, the rules on things like down payments are set by the lenders, not the brokers.

 

[Tim Abbott]

Wow, this topic jumped right out at me. I'm 23 and have been out of college for a little over a year now. After trying things out in corporate finance (which I hated) I took a job with a mortgage company 3+ months ago. It has been fantastic!!
Drop me an e-mail and I would love to share some advice and answer any and all questions you have.
E-mail me during business hours: [email protected]
E-mail me after business hours: [email protected]
It is a great way to make a living if you like the idea of being in business for yourself.
Tim