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How to Broker Loans

Book review: Complete Idiot's Guide to Success as a Mortgage Broker

August 4, 2006

By PAULA PARISOT


photo of Paula Parisot
Paula Parisot
review and buy 3 Steps to Yes

Complete idiots can now become mortgage brokers.

The Complete Idiot's Guide to Success as a Mortgage Broker: Priceless Tips You Need to Become a Successful Broker takes a look at the mortgage business in general and the role the broker plays.

Written by Daniel S. Kahn and Marian Edelman Borden the book gives a bird's eye view of the day-to-day operations told through the experiences of Kahn, a mortgage brokerage firm owner.

Kahn underscores the importance of determining if the mortgage industry is the right career move by devoting a chapter to career assessment and doesn't sugarcoat the hard work and time requirement necessary for a broker to be a success.

"The day starts early and ends late for experienced mortgage brokers," the book explains. "They could be professional jugglers because they have to be adept at keeping lots of balls in the air."

A major part of the job is sales, Kahn says. "You have to be able to sell yourself in order to make a connection with a potential client."

And, while a college degree is a plus, a mortgage broker needs street smarts too, Kahn says. "You have to be able to think on your feet, size up the situation, and read people."

The 332-page paperback book touches on everything from individual state requirements and test taking tips for licensing exams as well as how to choose a lender to work for, along with sample industry forms.

Kahn defines general industry terms and offers the necessary basic knowledge of the mortgage industry including the role that wholesale lenders play, niche financing and understanding the market and subsequent rate shifts.

"Being a mortgage broker is more than just crunching numbers," the book says. "You've got to become a financial analyst, studying the local, national, and international economic trends that will impact mortgage rates."

Loan programs, ratios, points and underwriting guidelines are defined as Kahn explains how the broker could best assess which loan product might be a good match for the applicant.

And for those experienced in the industry, Kahn gives an overview of what it takes to own a mortgage company including a business plan guide, marketing advice and how to strike a work-life balance.

"Focusing on what you do best and delegating the rest -- and providing an environment and the tools for your employees to do their best -- helps to create the necessary balance in work and life," Kahn concludes.


Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]


Mortgage Industry Books
Read about books reviewed by MortgageDaily.com reporters. Book subjects include mortgage banking, loan originating and selling.




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