Why should I become a certified mortgage broker?
So, you’ve passed the licensing exam, submitted all the legal documents, and received your permit to do business in your state from the Nationwide Multi-State Licensing System and Registry (NMLS).
Congratulations are in order for overcoming the requirements – but your journey as a mortgage broker has just begun.
The core of your job entails building healthy relationships with lending institutions, real estate agents, and customers. However, surviving and actually thriving amidst the tough competition is another story.
In 2020 alone, there were at least 11,200 institutions and brokers that originated at least one mortgage loan. Out of 22.7 million home loan applications, 14.5 million resulted in originations according to the Consumer Financial Protection Bureau.
To earn your share of originations in your state, it will take more than marketing yourself through social media or a website. You have to build the confidence of prospective customers in your competence and ability to provide them the right loan products suited for their specific financial situation.