The Complete Guide to Becoming a Successful Mortgage Broker: Insider Secrets You Need to Know
Written on February 27, 2010
- ISBN13: 9781601381309
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
A reliable mortgage broker is in constant demand and never short on business in any economic condition. According to the U.S. Department of Labor, the average income of mortgage broker s is $43,210. The mortgage brokering business is one of the fastest growing occupations in America today, yet the financial success rate for these new brokers is dismal. It is estimated that less than 30 percent of new mortgage brokers ever become financially successful. Virtually all… More >>
The Complete Guide to Becoming a Successful Mortgage Broker: Insider Secrets You Need to Know
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Filed in: General.
Given the hurricane-like swirl of destruction from the sub-prime mortgage debacle, a reader might be forgiven for a moment of panic at first encounter with this volume–who would want to become a mortgage broker at a time like this? But upon closer scrutiny, as a far-sighted reader anticipates economic recovery, including recovery of the housing market, opportunity may lie in this unexpected direction. For anyone considering employment as a mortgage broker or setting up an individual business, this book provides a soup-to-nuts program to streamline the process. The author reveals what personal qualities (personal charm, organization, discipline) and knowledge (extensive study of local economic conditions, the housing market, and categories of mortgage financing) and business skills (networking, establishing contacts, marketing, sales techniques) combine to make for a successful mortgage brokerage.
The mortgage broker sits between lenders and borrowers to facilitate successful matches that permit purchases of private and commercial real estate. Especially as one anticipates tight credit conditions and a new mortgage climate that promises difficulty for most borrowers, at least for some time, the skilled mortgage broker becomes an especially valuable person in the real estate world. For a personable, responsible, well-educated, entrepreneurial individual with the ambition to create his/her own successful business, this field may prove just right. Patricia Hughes presents a comprehensive, well-written, careful picture of the entire profession, including every element a newcomer to the field needs to consider to promote success. There are sections about contacts, software, certification (including a state-by-state appendix of regulatory rules), education, advantages of starting out as an employee of an established larger mortgage brokerage (they will educate you and prepare you to go out on your own), and even a list of equipment needed for a functioning home office. For anyone looking to become a mortgage broker this book would be an invaluable reference.
Rating: 5 / 5
Are you looking for a new career? You may want to consider becoming a mortgage broker–a “financial professional who acts as an agent between borrowers looking for mortgages and the institutions that offer them.” As Patricia Hughes explains in her book The Complete Guide to Becoming a Successful Mortgage Broker: Insider Secrets You Need to Know, mortgage broking can be a very lucrative occupation, and, believe it or not, a formal college degree is not essential, though, depending on the state, a class may be required before taking the certification exam. The author further notes that though “formal education is a plus” that “an effective mortgage broker needs to have good people skills” along with talent in sales and marketing. And the rewards for possessing these skills can be great. Hughes comments that a broker “with over three years of experience…can easily make a six-figure salary.”
This very informative “how-to” book presents the pros and cons of working as an independent mortgage broker versus working for a large mortgage brokerage firm, or a smaller firm. And many other topics of interest are covered: Building business, sales techniques, locating borrowers, finding the best deals for clients, putting together a loan package, how to set up your own company, insurance needs, tips for success, state-by-state licensing requirements, and many more.
Hats off to Patricia Hughes, who has done a wonderful job of laying out all this information in a very clear and concise way. She has explained very simply and comprehensibly what would be needed to embark on a career such as mortgage broking, or to improve the skills of an existing broker.
Rating: 5 / 5