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Become A NJ Mortgage Broker: About New Jersey Mortgage Licensing: How To Get A New Jersey NMLS Mortgage License

Looking to become a New Jersey Mortgage Broker or Loan Officer to serve communities and cities in New Jersey? If yes, you've come to the right place!

The Mortgage Training Center offers a variety of New Jersey mortgage licensing and training courses to help you earn your New Jersey mortgage license or continuing education credits.

What Does A New Jersey Mortgage Broker Do?

A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

About The NJ Mortgage Broker License Requirements: How Do I Get A NJ Mortgage License

You earn a NJ mortgage broker license by completing your pre-licensing course, passing your mortgage licensing exam, then applying for your license through the NMLS. Get started by selecting a mortgage pre-licensing course from the list below.