If you're looking to become a mortgage broker, you need to make sure you're prepared. There are several steps involved, including getting a license and bond, obtaining the required documentation, and continuing education requirements. In this article, we'll provide you with the information you need to make sure you're ready to take the next step.
Earnings of a mortgage broker
Mortgage brokers typically earn a commission for their services. This amount varies by location and number of loans they close per month. However, the average broker earns about $142,000 a year before expenses. As with other careers, earning potential will depend on several factors, including the number of loans closed per month and the experience of the broker.
Mortgage brokers can work independently or as part of a brokerage. The average commission is 1% to 2% of the loan value. These commissions can come from the lender or the borrower. The larger the loan, the more a broker will make.
Continuing education requirements for a mortgage broker
To stay current on federal and provincial laws and regulations, mortgage brokers need to meet the continuing education requirements for their license. This means that they must take at least eight hours of CE each year. They must also take courses in Federal law, ethics, and non-traditional mortgage lending. The courses are offered by various institutions, and brokers are advised to find one that meets their specific needs.
The NMLS has an official website for mortgage brokers, where mortgage brokers can find details about their CE requirements. The site includes information on how to meet the requirements and how to obtain documentation to prove completion. Many online classes are available for mortgage brokers.