How to be a Mortgage Broker

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I am thinking of career change. I am really interested in Investing but also wants to work in a Mortgage Industry while I save money to start my investing career. Can you please give me some advice how to get started to be a Mortgage Broker. I am 22 and currently working in Hospitality Industry. I am on my way in getting an MLO license but still not sure where can I start as i have no experience in this Industry. Thank you very much and your answers will be greatly appreciated!

Originally posted by @Rhoda Diaz :

I am thinking of career change. I am really interested in Investing but also wants to work in a Mortgage Industry while I save money to start my investing career. Can you please give me some advice how to get started to be a Mortgage Broker. I am 22 and currently working in Hospitality Industry. I am on my way in getting an MLO license but still not sure where can I start as i have no experience in this Industry. Thank you very much and your answers will be greatly appreciated!

 Overall the industry is contracting and not a lot of corporate hiring is going on due to the refi market drying up as rates go up (& you probably thought higher rates meant more profit, huh?). I wouldn't even bother clicking on the "careers" page of XYZ Lending or ABC Mortgage.

But down from the corporate level to the branch, or specific loan originator, level - different story. Individuals (& branches) can be growing even as the industry contracts, as my personal YTD production compared to last year would indicate :P. 

I'd walk into local branches, introduce myself to everyone, drop off resumes with anyone you hit it off with (or can't speak with because they are in a meeting), and look for work as an assistant or apprentice. Your competition will be the recently laid off refi call center cubicle people, so your selling point is that you have no bad habits (hard selling, giving up as soon as a file gets tough, etc) that you need to un-learn. You're just a fresh slate, young, and eager to learn. 

It used to be that you could get started as a loan originator in your own name focusing on refinances (who cares if a "save $37/mo!" refi is screwed up and doesn't close?), but there aren't many refinances left to do. Starting off on the purchase side is super risky, since entire houses are on the line, not just $37/mo.