How to Get Your Mortgage Broker License in New York

Obtaining your mortgage broker license involves meeting certain criteria imposed by the mortgage industry. These criteria are laid out by the Federal Home Mortgage Research Center (FHA). It is the desire of the government to prevent predatory lending practices that lead to financial disaster and to help homeowners enjoy responsible and secure loans Mortgage Broker coalisland. To accomplish these goals, the FHA works diligently to screen loan applicants, to ensure they meet the necessary qualifications, and to implement and enforce reasonable underwriting rules and guidelines. This effort has effectively reduced the number of fraudulent mortgage transactions in recent years, while simultaneously reducing the number of mistakes mortgage brokers make when approving home loans.

House, Home, Property, Real Estate

Mortgage Broker License

The process to get a mortgage broker license involves taking an online test or undergoing a written exam. Upon successful completion of the exam, you will receive a license and a temporary Identification Card. To maintain your license you must log in to your identification card online each year. You must then take the written exam administered by the FHA on a specific schedule and take the exam again to maintain your mortgage license.

Final Words

You do not need to relocate to New York in order to obtain your mortgage broker license. There are currently schools located in New York that offer this course. For borrowers who are unable to relocate to New York or for borrowers who do not wish to relocate, but who wish to pursue the opportunity to become a mortgage broker in New York, there are online courses available in partnership with local universities. New York University also offers a New York City MBA program, which is highly respected and well paid. Candidates wishing to attain a mortgage broker license in New York have a choice between attending a university located in New York or enrolling in an online college which provides the same training and credentials as a traditional university.

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