Mortgage Broker Training

Licensed agents undergo mortgage broker training to manage or own real estate firms. After completing 60 hours in a pre-licensing course and passing the state exam, new agents are anxious to start working under a licensed broker. Novices learn the ropes of selling real property under the oversight of a seasoned professional who can help steer them towards a lucrative career. Brokers have the experience and the expertise to mentor less experienced agents and provide a professional branch office from which newly licensed agents can list and sell homes. Agents generally share commissions with brokers in exchange for the opportunity to build a credible name and reputation under the brokerage's shingle.

The broker/agent relationship is one of mentorship, similar to the Apostle Paul's relationship with Timothy. In order to become brokers, agents must diligently apply themselves to learn the laws and the lingo of real estate. "Study to shew thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth" (II Timothy 2:15). After building up a clientele of buyers and sellers and a fairly substantial listing of marketable properties, agents may choose to become associate brokers employed under the same firm, or venture out and establish a new brokerage. But before broker wannabes can pass out business cards, they must enroll in mortgage broker sales training to pass the state exam and qualify for licensing.

Brokers are actually mortgage matchmakers, brokering or negotiating the best real estate financing options between homeowner hopefuls and banks and lending institutions that are eager to finance. While home buyers with less than perfect credit may find it difficult to pre-qualify for loans through some banks and lending institutions, brokers shop around for lenders who can offer the best terms for borderline borrowers. With access to lenders across the nation, brokers' employ superior salesmanship to secure financing, even if it means going out of state. Mortgage broker sales training prepares novices to become master negotiators, tenaciously tackling the toughest lending issues with grace and aplomb. A novice agent can benefit from a mentoring relationship between senior agents who have built successful careers over the years to become multimillion dollar producers.

Most new agents will quickly find that becoming a broker is not an automatic process. Years of studying housing markets; finding and listing properties; and negotiating between buyers, sellers, and lending institutions to clinch the sale all play a major role in the life of a broker. In addition to hiring, mentoring, and managing new agents, brokers carry the responsibility and liability of the sale. Even if an agent lists and sells the property, it is the broker's name that goes on the contract and it is the brokerage that must stand behind the transaction, long after closing. Qualifying sellers can also be a laborious process, especially in uncertain economic times when lenders are more reluctant to take a gamble. As the U.S. housing market is under fire, brokers are on the front lines trying to manage brokerages, help agents stay afloat, and move slow selling properties in the midst of a near recession. However, in spite of a housing slump, a combination of effective mortgage broker sales training and persistence can pay off for agents who are willing to work hard.

Mortgage broker training equips novices with skills necessary to effectively negotiate transactions and bargain with lenders; but in order to bargain, agents must be familiar with financing laws. Knowledge of financing procedures, interest rates, and amortization schedules are also part of a brokerage's arsenal. In addition to financing, mortgage broker sales training includes conducting competitive market analyses and estimating a home's comparative value. Seasoned agents utilize professional sales techniques such as gaining the confidence of key players in the decision-making process and refraining from taking side when couples are at odds. Extensive brokerage training will include preparing sales contracts and leases, guiding buyers and sellers through the purchase process, and acting as fiduciary for sellers.

In addition to mortgage financing procedures, real estate and contract law, and marketing and advertising, mortgage broker sales training provides agents with people skills. Selling real estate involves intimately working with families and finances. Agents must represent the interests of both buyers and sellers, while remaining neutral, yet professional. Real estate transactions can take months to close and months of showing and re-showing houses to reluctant home shoppers. Difficult buyers and sellers require agents with the patience of Job and the heart of Saint Paul. Agents who lack patience and people skills will never succeed as brokers or excel at selling real estate.

Agents interested in enrolling in mortgage broker training should check out neighborhood brokerages first. Selling properties in familiar surroundings puts agents at an advantage since they will be more knowledgable about schools, shopping and the local housing market. Neighborhood brokerages can advise agents about training and available courses; and some may offer in house programs or sponsor employees seeking further education. Local and online real estate schools also offer mortgage broker training courses to help established agents pass state exams. Community colleges and vocational schools may be a prime source for continuing education courses and training to meet licensing requirements. Students can expect to pay several hundred dollars for courses, but the cost is well worth the potential earnings that can be realized.

In spite of housing market slumps, real estate is still a lucrative market. The Internet has opened opportunities for U.S. brokers and agents to sell to globally, particularly to foreign investors and immigrants relocating to the States. Marketing to international buyers via well designed websites and targeted traffic ensures today's brokers an ample share of domestic and offshore clients. Significant revenue potential exists in foreign markets which may serve to boost earnings in the future, making a career as a broker an attractive option.

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