Need to Become a Mortgage Broker in Florida – When looking through your options for determining a career, real estate can offer a growing, and stable form of income and a variety of different jobs. For instance, when you think of a career in real estate you may only think of purchasing properties for both commercial and private use or being an agent.
One of the most important aspects of the real estate industry is in the financial end. In order to buy a property, most individuals have to move through a mortgage process. While working as a real estate agent is probably the most common conception of working in this field, working as a mortgage broker is a great career choice to also consider.
Vaser Capital is backed by two of the largest real estate firms in South Florida and we can help you better understand how to become a mortgage broker in Florida. Becoming a mortgage broker is not as popular as becoming a real estate agent or developer but it’s a vital step in the process of purchasing real estate and provides some great benefits.
Table of Contents
Why You May Enjoy Being a Mortgage Broker in Florida
The appealing aspects of becoming a mortgage broker lie in the fact that this is a very secure job. In the field of real estate, there is always a need for a mortgage broker so your job security will always be in hand. That’s a great and relieving feeling to have especially when the job market can seem overwhelming.
Another aspect of being a mortgage broker that may appeal to you is their flexible schedule. This job can represent a very comfortable source of income and yet can also allow for you to largely control your own schedule. This means that typically you can set the pace for your weeks and handle your own scheduling. This of course will vary from situation to situation, however, most mortgage brokers work at their own pace.
Making The Mortgage Happen
A good way to think of what a mortgage broker does is to think of them as the people that help make the mortgage itself happen. The financial end of real estate is a confusing and often overwhelming one for the normal individual to interact with. Even if someone has incredible credit and financial security, the process of attaining a mortgage still be daunting and confusing.
As a mortgage broker, you technically will act as a mortgage loan originator otherwise known as an MLO. Your job is actually to work with a mortgage broker company that will help individuals attain the loans they need. This is a very personable job and one that has you interacting with individuals quite often. You help people navigate the complexities of the entire mortgage process from the application to the closing costs.
This includes what is known as an ‘underwriting process’ where you collect necessary information for clients who are looking to attain certain mortgages. This can be tedious and time-consuming work as it involves processing and analyzing financial documentation like tax and bank statements, income, and even appraisals.
Commission Mission
Because a mortgage broker is paid off commission for their work, you set the pace and tone of your workload. Whatever your financial mission is, you can work to achieve it. This can look like a flexible job that still provides a very comfortable living as the general rate for a commission is around 2%. In terms of real estate where the loans can range into the hundreds of thousands – it doesn’t take long for that commission to build up.
What Does it Take
If you are determined to work hard and learn the proper material, becoming a mortgage broker in Florida is an easily attainable job. It requires 20 hours of course work which encompasses 18 hours of SAFE pre-licensure education and then the last two hours will focus on Florida state-required course work.
There are fees associated with these courses and separate testing costs. However, all of the work is handled online and there are a variety of different schedules to choose from. While there is flexibility in schedule, it is a process that will need 100% completion within a given amount of time. For any other questions, you may have about becoming a mortgage broker in South Florida, check out Vaser Capital and the resources we have to help you toward your mortgage broker career.
READ ALSO: What is a RAM? – Definition, Types, Uses, and More
