Please help Ed...wanna be Mortgage Broker - Posted by Violet

Posted by Amy on February 05, 2001 at 21:30:39:

Is a mortgage broker the same thing as a note broker?

Please help Ed…wanna be Mortgage Broker - Posted by Violet

Posted by Violet on February 03, 2001 at 21:12:38:

Hi Ed,
I’ve read several of your responses to those that want to get into the mortgage brokering biz and continue to hear “get a part time job”, “get to know a broker”. Are there no other resources? Like books to read, courses to take, web-sites to visit? My fulltime job is in the media and it makes it VERY difficult to just walk through any morgage brokers front door without them knowing right off the bat who I am. Please help me to stay incognito while trying to find out more about what all is involved without jeapordizing my current source of income. Thanks in advance for your help.

Re: Please help Ed…wanna be Mortgage Broker - Posted by Ed Garcia

Posted by Ed Garcia on February 04, 2001 at 11:02:35:


The very first thing I’d like to tell you is, to never let anyone intimidate you. I realize that your job is important to you, and you have a right to confidentiality, but you also have a right to better yourself. If you decided that it’s in your best interest to change vocations, that’s your decision. Since you’re in the media, you could have told them that you’re thinking of doing an article on mortgage brokers etc.

Violet, as always when the individual who posts doesn’t indicate what state they’re in, I have to ask it? Violet I’m answering your post from San Diego California. When I get back to my office, I have the state requirements for each state. Each state is different with their requirements, for an example in California I have three Licenses, Two under the DRE ( Department Of Real-estate) the other under the DOC ( Department Of Corporations) In California, the vast majority of mortgage brokers, operate under the DRE License. With the DOC license I can lend in other areas as well as real-estate. In California, under the DRE, you have to have a real-estate brokers license in order to be a mortgage broker.

So you see the licensing can vary from state to state. You don’t have to seek out another mortgage broker to find out the information you need to become a mortgage broker. It’s just, why reinvent the wheel. They have already been there and done that in your state, and would be the obvious place to start for someone jus starting out.

With the minimum information you’ve given, I would advise you to call the Department of Corporations in your state, and they can tell you what the state requirements are and where to go to take the courses to fulfill the state requirements. They will also tell you their financial requirements, bonding requirements etc.

Good luck Violet,

Ed Garcia