Posted by TWatkins on September 17, 2003 at 21:26:17:
The earlier reply about the state specific requirements is key to what you need to know. Each state has a different requirement for becoming a mortgage broker. The earlier reply mentioned Texas, and I know that California is the same, which require mortgage brokers to be licensed as real estate brokers. I live in Florida, and this state requires licensing specifically as a mortgage broker. To be licensed, one must complete a minimum number of hours at a certified course, much like the ones you are asking about, and then pass a state test. There are also periodic continuing education requirements. And in Florida, you cannot work for yourself until you have worked under another broker for at least one year.
So you really have to check the requirements for your state and then weigh the options. You may not have a choice about those types of courses. If I were you, I would try to first get legal and get some experience under a brokerage firm before taking a college course, but that’s because of this state’s requirements. In California, you must take college courses to satisfy the requirements.
That being said, generally, once you are legally able to broker mortgages, most any lender will entertain your submission of loan applications on behalf of borrowers. You usually establish a relationship with the local representatives of the lender, or sign up on the lenders’ website, and learn of the various programs they offer and how to submit paperwork.
Also, $150 for the course seems pretty cheap, if you get licensed. I’d go for it.