If you are a curious person who constantly reads and gathers useful pieces of information, you have probably already come across the fact that mortgage brokers are highly respected experts in the field of economics. These professionals play an extremely important role throughout the entire mortgage loan process for a mortgage broker serves as a financial expert and a middle-man (or a middle-woman) between the borrower and the lender (which usually is a bank). Researching and finding out which type of loan is the most suitable one for their client is among the most crucial activities of licensed mortgage brokers.
Since a mortgage broker’s job includes many responsibilities and requires many skills, becoming one isn’t exactly a quick and easy mission. Read on to learn how to become a mortgage broker (a licensed and successful one, of course).
1. COMPLETE THE APPROPRIATE TRAINING COURSE AND OBTAIN THE CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING.
The Australian Securities and Investments Commission currently stipulates that the aforementioned certificate is the minimum education requirement for each individual who wants to start a career in the mortgage broking industry. However, if you choose to begin this professional journey of yours as a member of a certain brokers group, you should learn how to become a mortgage broker according to the organization you have selected. Many new mortgage brokers decide to give this option a chance because joining a brokers group offers a lot of great benefits, including full training, immensely helpful pieces of expert advice from at least one experienced and successful mortgage broker (mentoring services), and all the tools an individual needs to kick start their mortgage broker career.
2. WORK AS A CREDIT REPRESENTATIVE FOR TWO YEARS.
If you haven’t worked in the financial services sector for at least two years, you will have to operate as a credit representative for a two-year period once you obtain the certificate mentioned above. During this relatively short period of time, you will work under a license holder. However, this doesn’t mean that the licensee will be your employer. The licensee will only supervise your work and see whether you comply with legislative and industry requirements or not. At the end of the second year, if everything is all right, you will be given the opportunity to choose whether you will continue operating as a credit representative of a license holder or you will apply for your own full license.
3. NEVER STOP IMPROVING YOUR SKILLS.
Successful mortgage brokers are the ones who are aware that constantly enhancing their communication, negotiation, and decision-making skills is a crucial part of their job. Never forget this.