Top 5 Things to Know About Becoming an Independent Mortgage Broker

Some other important steps you’ll need to take: 

• Choose a business name. YOU DON’T HAVE TO GO SOLO 
 
When you become an independent mortgage broker, you may be in business for yourself, but that doesn’t mean you have to do it all alone. One of the reasons it’s great? Your success is relationship-driven and determined by your passion and enthusiasm. HOW TO GET STARTED 

To work as a mortgage broker, you must be registered with the National Mortgage Licensing System and Registry (NMLS). 

1. Getting involved in the community is a great way to meet people and get your name out there. There are several types to choose from: sole proprietorship, LLC, partnership and more

• Open a business account. Working in the wholesale mortgage industry means creating partnerships with wholesale lenders who can provide you with training, tools and technology to help grow a successful business. 

As your business grows, you can add loan officers, loan officer assistants, processors and others to your team who can give you valuable assistance with the loan origination process. For starters, consider joining communities like the Association of Independent Mortgage Experts (AIME) to network with other independent mortgage professionals. Depending on your financial goals, you might decide you want to start as a side business with only referrals, or you may want to commit full time. Attend local festivals, host a booth at a community event or sponsor a local youth sports team to begin establishing a presence as your community’s go-to mortgage expert and meet as many people as possible. By cultivating relationships with these agents, your loan pipeline can stay full throughout the year. Homebuyers often go to their real estate agent for guidance, including how and where to get pre-approved for a mortgage. An independent mortgage broker is a business owner who works alone or with a team to originate home loan approvals for borrowers from wholesale lenders. You are in control of how small or large you’d like your business to be. 

2.Once these requirements are fulfilled, you’ll be able to sign up with mortgage lenders and start taking in loans. Find the financial institution that fits you best

• Set up digital tools. 

Once you have helped your first few borrowers who you’ve wowed with your service, you’ll start getting referrals from them as they tell others about the great experience they had with you. As a business owner, you’ll decide your work-life balance and how many loans you want to take in each month. The wholesale mortgage industry is full of people who have been in your shoes and are willing to help. These relationships work best as a two-way street, so remember to send referrals their way as well! 

3. TIPS TO GAIN (AND SUSTAIN) BUSINESS
 
There are multiple ways to get business as a new mortgage broker. If you think you might be interested in starting your own business as an independent mortgage broker, read on to learn the five top things you should know: 

4.A great way to earn referrals is by building relationships with real estate agents. THE SKY’S THE LIMIT 

Becoming an independent mortgage broker offers a multitude of benefits — including freedom, flexibility and unlimited earning potential. Having the right tech tools is key to your success 

Read this great article for more-detailed information on each step. 

5. This group is all about growing the wholesale mortgage industry and can provide you with support and connect you with other mortgage brokers around the country. TAKE ADVANTAGE OF THE EXPERTS 

Transitioning into a new career can seem daunting, but it doesn’t have to be. Referrals are a reliable way to sustain and grow your business, since people like to follow word-of-mouth recommendations from a trusted source. You’ll need to complete 20 hours of pre-licensure education courses and pass the NMLS mortgage license exam, in addition to other requirements determined by your state. Be sure to register your name in the state(s) where you plan to do business 

• Set up your business entity.