If I wanted to be a mortgage broker (in CA), what do I need? Are there licenses? Do I need a financial-type degree? I can’t seem to find anything on the topic.
In my capacity as a commercial real estate agent in Maryland I know several mortgage brokers personally. IIRC the certification process to be a mortgage broker is similar to real estate liscensing but requires a bit more upfront instruction per the fairly intensive process based nature of brokering mortages. There is not a specific advanced degree requirement that I am aware of although I am sure there are certification requirements and classes you must take and re-take periodically. The link I provide below should have more info.
On a strictly personal basis based on what I have observed if you want to be a successful residental mortgage broker you need to:
1: Be extremely organized and non-math phobic
2: Be self motivating
3: Be careful about the brokering entity organization you join or affiliate with in terms of your ability to make competitive mortgages
4: Don’t promise what you can’t deliver.
5: If 9-5 is all you can hack forget about it. You need to be available weekends and evenings - consistently.
6: Be well dressed and charming. Trust me on this. Short tempered, arrogant and/or clinical mortgage brokers who turn off female Realtors or the female side of house buying teams will not eat very well.
There are pages and pages of MB links. Here is one for CA.
“CAMB Mission Statement
The California Association of Mortgage Brokers promotes the highest professional and ethical standards of practice by providing education, legislative and regulatory representation, and public relations. The Association serves as a forum for the development of common business interests in the mortgage industry.”
etc. etc.