1) Can mortgage brokers open their own office or space where they hire real estate agents and monitor them?2) How long would it take to become a mortgage broker and what is the best path of jobs in doing so?3) What degrees are necessary or at least helpful in obtaining this job?Thanks in adavnce.
while it may not make sense, a Mortgage broker and a Real estate broker work on two sides of a real estate purchase, their licensure is totally different and regulated by different parties most of the time. A RE broker helps a person find a property to buy or sell [if he is smart, never both in the same transaction --called dual agency]. a mortgage broker ONLY finds money. IT is possible in most states to get licensed to conduct both transactions ........and easiest to do both if doing commercial. But a mortgage broker by himself cannot hire any RE agents or brokers......he can only hire loan officers. he can open his own office and hire mortgage people,. money handlers! He has to pass a state test. and the laws are rather different when doing commercial and residential. NO degree for either position but passing a specialized state decreed curriculum is essential and passing the state test for MB's.
