5 Tips to Becoming a Mortgage Broker in Texas

in Property & Architecture

You may have a friend who is in the business or you believe you have the skills to succeed in the mortgage brokering industry. When it comes to successful industries, opening a mortgage brokering business can be the right choice in certain areas. There are different steps you’ll need to take to become a mortgage broker. If you’re serious about making mortgage your chosen career path, take a look at these five tips to get you ready for your life as a mortgage professional:

1. Consider the licensing options and what they’re good for

In the state of Texas, there are two different licensing options. One is the OCCC and the other is the Department of Savings and Mortgage Lending. It’s important to know and understand what you want to do with your license before choosing an NMLS license Texas. For example, you’ll need a license from the Department if you’re going to handle residential mortgage loan options. However, in some cases, when you want to work with secondary loans or home-equity loans, you’ll need to get your license from the OCCC.

2. Put together all the documents that you’ll need for licensing

There’s a lot you’ll need to do and have before you can get licensed with the Department. You’ll want to make sure you have financial statements ready, as well as a background check, disclosure questions, a plan for your business, and an MU1 completed. You’ll also want credit reports and formation documents. All of these things are necessary before you can qualify to become a mortgage broker.

3. Complete NMLS education

You’ll need to take some courses to get your license, so you’ll want to look into the best options in your area. The state of Texas requires 23 hours of SAFE pre-licensure education. Before you can do this, you’ll need to apply for an NMLS account. You’ll also need to pass the exam and complete all of the criteria mentioned in tip number 2.

4. Get an employer sponsorship

Before you can get your license, you’ll need to get an employer sponsorship. This allows the government to see you have an employer overseeing your individual license. While it is a necessary step in the process, it can be one of the most challenging parts, as you’re essentially looking for a job. Fortunately, there are many companies in need of mortgage brokers and are willing to hire new candidates, especially in different cities, such as Austin, Dallas, and Houston.

5. Look into the fees

United States dollar bills

There will be different fees that you’ll need to pay for your licensing in the state of Texas. For example, licensing fees, background checks, NMLS processing fees, credit reports, and national exam costs. With all of this, you’re looking at a cost of approximately $381. This does not include the education you’ll need to receive to be able to get your license. This course can cost you about $250, depending on which option you take it with. When you compare the fees to the career you could build, they are more than worth it. With the potential to make more than $90,000 a year in the mortgage industry, this could be the right field for you.

Final Thoughts

For those who are seeking a fulfilling career that doesn’t have many startup fees and can provide you with a great ROI, becoming a mortgage broker is an ideal option. While there are many things to consider and plan for, the process is relatively straightforward and won’t take too long to complete.


Image Credits: F. Muhammad, Nathan Dumlao

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