College or Pre-licensing training if I want to become a Mortgage Broker ?
Hello to all Professors and friends
I am a newbie that wanna get start with real estate and also a fan of bigger pocket. I believe bigger pocket community can help me by giving me some idea. I wonder what is the best path should I choose if I want to be a mortgage broker? I am debating should I go to college to get a degree in accounting then start working to gain experience but it’s going to slowing me down on my saving process and less time to maximize my income or should I just get a Pre-licensing training instead ? Which one is best for building a strong foundation in this field with time and financial saving. If Pre-licensing training is better, Can you recommend me the resource that I can access to? I really appreciate your help.
Thank you
Get your NMLS and work under a mortgage broker to learn the ropes of the business.
Make sure to work with a broker that wants to grow their business. You will get the mentorship and training you need.
No better way to learn than getting your hands dirty and going through the whole process yourself. My first few loans weren't pretty, but they got done nonetheless.
Quote from @Erik Estrada:
Get your NMLS and work under a mortgage broker to learn the ropes of the business.
Make sure to work with a broker that wants to grow their business. You will get the mentorship and training you need.
No better way to learn than getting your hands dirty and going through the whole process yourself. My first few loans weren't pretty, but they got done nonetheless.
Agreed, hands on experience is always the most valuable.
Quote from @Erik Estrada:
Get your NMLS and work under a mortgage broker to learn the ropes of the business.
Make sure to work with a broker that wants to grow their business. You will get the mentorship and training you need.
No better way to learn than getting your hands dirty and going through the whole process yourself. My first few loans weren't pretty, but they got done nonetheless.
Thank for your advice
Allison - all the other posts are excellent advice. I would also add that there is an additional route that you can take - becoming a loan originator for a Private or Hard Money Lender. There is no licensing required and there are companies that will provide training. Another option for you to consider!
Bobby
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Lender
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Quote from @Bobby Feinman:
Allison - all the other posts are excellent advice. I would also add that there is an additional route that you can take - becoming a loan originator for a Private or Hard Money Lender There is no licensing required and there are companies that will provide training. Another option for you to consider!
Bobby
Thanks for your advice
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Skip college. Go straight to the real world....
@Allison Keng- thanks
definitely do the Pre-licensing training and get licensed if possible ....consider taking some stand alone real estate classes at a local comm college type setting if you can find some ...consider getting a job like a realtor assistant or a loan officer assistant so you can get some hands oon learning
Quote from @Dave Skow:
@Allison Keng- thanks
definitely do the Pre-licensing training and get licensed if possible ....consider taking some stand alone real estate classes at a local comm college type setting if you can find some ...consider getting a job like a realtor assistant or a loan officer assistant so you can get some hands oon learning
I appreciate your advice
You are welcome ...I got a BS degree in Finance from a large private university many yrs ago and I really cant think I have used very much of what I learned in my 30 yr + career :)
@Allison Keng..just adding my $0.02...jumped into the industry a long time ago and if I could do it all over again, I would never have gone to college (I do have a degree), as well as NMLS + CA DRE (I can do real estate if I want to). I'd recommend getting licensed, but besides the licensing, I'd recommend finding a mortgage broker who is still growing/expanding their business, and someone who's been in the industry a decent amount of time as going through different real estate cycles really lets you see if you can stomach this industry. Not to deter at all, but there are tons of people leaving it because it's seemingly tough out there. Hope that helps.
Quote from @Jared Rine:
@Allison Keng..just adding my $0.02...jumped into the industry a long time ago and if I could do it all over again, I would never have gone to college (I do have a degree), as well as NMLS + CA DRE (I can do real estate if I want to). I'd recommend getting licensed, but besides the licensing, I'd recommend finding a mortgage broker who is still growing/expanding their business, and someone who's been in the industry a decent amount of time as going through different real estate cycles really lets you see if you can stomach this industry. Not to deter at all, but there are tons of people leaving it because it's seemingly tough out there. Hope that helps.
Thank you for your advice @Jared Rine