Online Mortgage Broker Licensing and Training Information

Individuals who are interested in becoming licensed as mortgage brokers aren't required to obtain degrees. Most training for mortgage brokers is an examination preparation course that requires 24 hours of study. Licensure prepares brokers to work with homeowners and lenders to find the credit and loans that best suit borrowers. Communication skills and finance knowledge is earned.

What Is a Mortgage Broker?

When realtors sell houses and work with people who are looking for new homes, mortgage brokers are turned to for loans. A broker is licensed to seek out mortgages for a borrower and to negotiate the terms of the loan. Mortgage brokers differ from mortgage bankers in that mortgage bankers provide the loans for borrowers, while brokers decide which loan and bank is best for the homebuyer.

Training Information Options

Many colleges offer online mortgage broker pre-examination courses. These courses range about 24 hours a piece. They teach students the state and federal laws and regulations for working as a mortgage broker. Students learn how to work with borrowers and bankers, as well as learning how to work with financial transactions.
Some institutions have online programs that prepare students for examinations as well. These online programs provide opportunities for students to study different topics that are required to know for a licensing exam. Online courses provide flexibility for students who are already working or have families.
Many colleges offer traditional on-campus classes for mortgage broker training as well. These exam preparation courses are often more strict, requesting that students attend every minute of the 24-hour class.

Sample Curriculum to Become a Mortgage Broker

Many colleges offer online prep courses that last 24 hours. Some colleges require mortgage broker courses be taken before the license exam prep course. Students may be encouraged to seek out additional educational courses before or after licensure. Some of the sample courses that can be taken before or after receiving a license are as follows:

• License prep
• Mortgage lending
• Finance
• Real estate

License Information

Students must be licensed in the state in which they'll be working. Those who move need to renew their licenses with new states. The purpose is because state laws may vary. Licensure lasts two years and then must be renewed through an exam.