A mortgage broker also known as a “mortgage loan officer” is a professional who conneChattanoogars and homeowners and helps them agree on the best mortgage rate.

Understanding the responsibilities that come with the role of being a mortgage broker helps you give your best in the profession. If you’ve always had a knack for mathematics and you have good communication skills you may perform well at being a mortgage broker.

In this article, you’ll learn what a mortgage broker does and how to become a mortgage broker.

How To Become Mortgage Broker

What does a mortgage broker in Chattanooga do?

Apart from helping people secure homes, mortgage brokers also carry out other duties which include:

  • Maintaining a good relationship between mortgage lenders and their clients
  • Exposing their clients to different loan options and helping them make the right decision about a new home loan
  • Ensuring loans are not outside of the laws and regulations
  • Finding the best loan programs without too much interest rate and a low closing cost for their clients
  • Educating clients on how the loan process works and how long it’ll take to get approval on the loan.
  • Completing all the paperwork involved in the transaction between the mortgage lender, the title company, and clients.

How to become a mortgage broker in Chattanooga?

Before you can become a mortgage broker, you must follow some steps. Below are some steps to becoming a qualified mortgage broker.

  • Have a high school diploma/postsecondary degree

To become a mortgage broker, you must have at least a high school diploma which is part of the educational requirements for mortgage brokers. Although it’s not compulsory for a mortgage broker to have a college degree, they must at least have a bachelor’s degree in business administration or accounting. This helps increase their chances of employment.

  • Take a pre-licensure class

Mortgage brokers must have their licenses before they can be recognized in the field. This pre-licensure class discusses topics like federal and state mortgage laws, financial regulations, and broker ethics. Taking this class can help you get familiar with the subjects on the exam and introduce you to new information that can be helpful to you as a mortgage broker.

  • Pass the National Mortgage License System (NMLS) test

After completing the pre-licensure class, you need to pass the National Mortgage License System exam. This exam helps you understand mortgage practices, guidelines, and regulations. Once you pass this exam, you can renew your license every year.

  • Register and establish your mortgage brokerage

The next step is to register your mortgage brokerage. You should note that mortgage brokerage registration can differ according to different states. The registration process includes providing your business name and location. Also, decide whether you want to have an office or you want to provide your services online.

  • Get your mortgage broker license your mortgage broker bond

You need to apply for your mortgage broker license to become a certified mortgage broker. And before you can secure your license, you need to secure a bond too. A mortgage broker bond protects your clients in case you break any brokerage regulations while carrying out your services.

How To Become Mortgage Broker2

  • Maintain your license

You can keep your license by taking on different licensure courses every year. When you go to renew your license, you have to submit evidence of continuing your education. This helps you stay updated and provide the best services for your clients.

Best Mortgage Companies in TN

If you’re new to mortgages, there’s only one thing you must know, which is that the conditions for getting a mortgage are never stable. That’s why you need a reliable mortgage broker who can introduce you to the best mortgage lenders in Chattanooga.

At HomeRate Mortgage, we have a policy of putting our customer’s interests first, so we have trained mortgage brokers who ensure that you get your information, quotes, and loan approved in record time. As one of the best mortgage companies in TN, our loan officers will take care of all the paperwork work to facilitate the entire process. We’ll be on standby to explain anything you find difficult to understand throughout the whole mortgage process.

Contact us today to learn more about our services.