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Commercial Mortgage Broker
from: Mortage & Debt FactsMost people think of mortgage brokers and assume that all they do is help families find houses to live in. While this is the main function for most of them, it isn't the only thing that they can do. In reality, mortgage brokers can also help businesses with their own mortgage loans. In this case, the broker would be called a 'commercial mortgage broker'. If you are thinking about starting your own career, becoming a commercial mortgage broker can be very lucrative.
Commercial mortgage brokers often make more money than mortgage brokers who work strictly with families. This is because there is a lot more money that changes hands when corporations by new buildings. since they spend more money, you would then make more money. The only downside to this is frequency. There are more families looking for homes than there are corporations looking for new office buildings. The most successful commercial mortgage brokers are those that do regular mortgage brokerage on the side.
Not everyone is cut out for this job, though. As with most other careers, you need certain personality traits in order to succeed and actually like what you do. For instance, you will be working with people all the time. This is the main function of the job. You meet with clients to discuss what they want in terms of buildings and you help them find the right loan. If you don't like working with people, this isn't the job for you. You also should be relatively happy filling out paperwork. There is so much paperwork with this job. Some of it can be done on the computer, but it is still time consuming. Be sure to be okay with this if you plan to become a commercial mortgage broker.
If you are sure that you're right for this kind of career, you'll need to get licensed. This doesn't involve just applying for it. You actually need to take a test. And in order to take that test, you also need to attend some classes. So, your first step should be to take mortgage broker courses. These courses can either be taken on line or in person. Make sure that they teach you aspects of commercial mortgage brokerage so that you are well versed in that area as well.
Now that you have learned everything that there is to know, all that is left is to pass the exam and receive your license. Now that you have one, you will be able to be the best commercial broker you can be. And you'll make a lot of money in the process.
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Mortgage Broker Complaints News
Annapolis retiree awarded $342000 in bad-mortgage case - Baltimore Sun
Annapolis retiree awarded $342000 in bad-mortgage case Baltimore Sun The jury found that Dennis Hollidayoke's mortgage broker violated state and federal law when arranging a "payment option" adjustable-rate mortgage for him in 2006 and then refinancing it into another payment option loan seven months later. |
Firms urged to spend more, complain less to meet compliance challenge - Reuters Blogs (blog)
Firms urged to spend more, complain less to meet compliance challenge Reuters Blogs (blog) Prior to the financial crisis the FSA was viewed by some as a body which was mainly concerned with cracking down on independent financial advisers (IFAs), mortgage brokers and insurance salespeople who were ripping off their clients. |
Breach of fiduciary duty jurisprudence of the New York State Court of Appeals ... - Thomson Reuters News & Insight
 Thomson Reuters News & Insight | Breach of fiduciary duty jurisprudence of the New York State Court of Appeals ... Thomson Reuters News & Insight Accordingly, in Wells Fargo the Court of Appeals held that “[an insurance] broker need not disclose to its customer contractual arrangements it has made with its insurance company[.]” 10 In Joseph I. Rosenzweig v. Radiah K. Givens 11 , a mortgage ... |
HSBC ditches controversial conveyancing panel requirement - The Guardian
 Financial Times | HSBC ditches controversial conveyancing panel requirement The Guardian HSBC is to drop its controversial requirement that homebuyers use one of a panel of just 43 firms to do the bank's legal work following a string of complaints from customers and lawyers. From August, the bank will allow all members of the Law Society's ... HSBC U-turn on conveyancing panel |
BRIEF: Vegas man agrees to $5000 fine for unlicensed activity - Chicago Tribune
BRIEF: Vegas man agrees to $5000 fine for unlicensed activity Chicago Tribune The $5000 is less than the $125000 fine sought in the original complaint filed last year that also sought to revoke his license. Giscombe had been licensed as a mortgage broker but did not renew his license when it expired in June 2007. |