Let us take the guesswork out of setting up a mortgage brokerage.

If you’re thinking about setting up a mortgage brokerage, we have some tips you’ll want to read. Our guide will cover all the information you need to know so that you can decide if a mortgage brokerage is a good match for you. Discover what a mortgage brokerage business owner does daily, and we’ll uncover the details you need to know to make the best decisions for your business.

Is a mortgage brokerage the right choice?

To own a mortgage brokerage business you need to be detailed oriented with a strong understanding of accounting, numbers, and finances.  But more than that, you should have a background in the mortgage industry. Having experience in the banking industry is also a plus.  However, to be really successful, you need to like talking to people and building personal relationships. Once you decide to start a mortgage brokerage, don’t forget that Blitz Sales Software can help your business reach more customers so you can close more deals.

What happens in your workday?

As a mortgage brokerage business owner, you collect and review applications throughout your workday.  Applications are submitted by businesses looking for commercial property, individuals and families looking for residential homes, and investors looking for real estate or rental properties.

Reviewing applications may take some time and effort because typically applicants fall into two categories.  Usually, they are either borrowers that need help increasing their credit score or the borrower has good credit but work needs to be done to find the best deal.  As a mortgage broker, that’s where you come into the picture. Your business will use online quote systems. You’ll also call and email lenders to find the best solutions to fits the needs of your customer.  Then you’ll assist with paperwork and ensure that all federal lending regulations are being followed at all times.

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How can you finish setting up a mortgage brokerage business?

In addition to the personal experience and knowledge that was mentioned earlier, you also need to maintain a license from the National Mortgage Licensing System (NMLS). NMLS also provides brokers guidance on getting licensed in your state. Licensure involves 20 hours of pre-licensure programming, and you must pass an exam to practice in your state of residence. In addition to federal regulations, each state has its own licensing requirements for mortgage brokers.  Review this handy reference to state licenses and permits from the U.S. Small Business Administration to learn more.

Luckily, the costs associated with starting a business are small, and you can even start a mortgage brokerage from your home once you’re licensed.

lead-managerlead-manager Use Blitz to boost your sales and marketing efforts with our easy-to-use software! Blitz is reasonably priced, and is packed with the tools your company needs most! Contact us today to schedule a free demo and we’ll discuss with you how easy it is to get started!

When setting up a mortgage brokerage business, there’s a lot more that will need your attention.  However, we hope that this article will help you to decide if this is right for you. Has your company successfully completed the process of setting up a mortgage brokerage? Do you have any suggestions or tips for our readers? Please share your stories with us by commenting below.