become a mortgage broker?

Discussion in 'Archived Threads 2001-2004' started by Anthony Moore, Jul 18, 2002.

  1. Anthony Moore

    Anthony Moore Supporting Actor

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    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?
     
  2. Chris Lock

    Chris Lock Second Unit

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    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.
     
  3. Tim Abbott

    Tim Abbott Second Unit

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    Tim
    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
     

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