How can a mortgage loan originator become a mortgage broker?

Question

What will need to be done when a mortgage loan originator (who already passed the SAFE test and got the selective state education done) wants to become a mortgage broker to work for themself, so their commission won't split up? Thank you.

Doug Smith · Answer

Hey @Vince Le. Make sure you think about the pros and cons. The compliance part can be a nightmare. Lenders pull your credit and ask for financials. There are a lot of headaches that are involved. Make sure the cost and headaches are worth it for you. Take it from a broker owner with several loan officers. It's not the cake walk that I thought it would be and there is value in having a broker/lender deal with a lot of the back office stuff.

Jon Puente · Answer

Hey Vince, I am a mortgage broker that transitioned from retail to wholesale and am happy to share my journey with you! It's very easy to do, just need to find the right company that aligns with your values and goals.

Dallas Sauer · Answer

This is state specific and I would recommend checking the NMLS for your state requirements. Here in AZ, it requires a specific amount of time in the industry, more pre licensing education and passing of the brokers test before you can pay for and open your own mortgage brokerage.

Erik Estrada · Answer

You would need to get your Real Estate Brokers license to be fully independent.

How can a mortgage loan originator become a mortgage broker?

4 Replies