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So You Want to Be a Mortgage Broker by Ameen Kamadia
Book Summary InformationAuthor: Ameen Kamadia Edition: Paperback Audio: English (Unknown); English (Original Language); English (Published) Published: 2004-10 ISBN: 097537561X Number of pages: 145 Publisher: Kamrock Publishing
Book Reviews of So You Want to Be a Mortgage BrokerBook Review: Good Value for the New Person Summary: 5 Stars
If you are interested in getting into the mortgage business, either as a loan officer, mortgage broker, or even a banker than you should read this book.
I have been recruiting new loan officers for the company I work at for 12 years. And this is the first work I have seen that gives all this information at such a low cost.
Before I found this book, I had been sending all new recruits to a local mortgage/real estate school that has a class teaching this same material. The cost was $97 per day. Now I just tell them to get a copy of this book.
For some reason everyone thinks getting into the mortgage business is all fun and games and that everyone makes tons of money. It's not. It's hard work and you must take it seriously. I am glad the author did not sugar coat in his book.
In fact, the thing I like best is that the author writes using easy to understand language. There is very little mortgage jargon to confuse people new to the business. And what there is, is explained. The author is not a tradiontal author. He is active in the industry everyday and knows what he is talking about.
This book covers the basics. If you have been in the industry for a while then the material is too simple for you. It's for new people or those still thinking of getting into the business. You get a behind the scenes look.
What I wish the author did not cover was the ways loan officers make money. I feel that info should be kept secret from the public otherwise there is a tendency for unneeded regulation. But if anyone wants to know how mortgage companies and loan officers get paid, that is in this book as well.
But for those already in the business, Chapter 9 is worth the price of the book by itself. Chapter 9 is titled, How Do People Choose Their Broker. And it is a review of a survey done of thousands of borrowers. The survery reveals what caused the borrowers to use the mortgage company they did. And also how they found out about the mortgage company they used. The marketing deptartment at my company found this info very useful indeed.
To supplement the material, the author interviewed several people who are loan officers or company owners and got their advice on what new people should do once they get in the business.
And here is mine: If you are thinking of getting into the mortgage business, first know what you are getting into. This book is a good source. Talk to people in the business already. See what they say. Talk to recruiters at a few companies in your area to see what positions are available and what your different options are. Make sure you get proper training. Either from your company or from somewhere else. Without proper training in the beginning you will spin your wheels for nothing. It is very important to get a good taste of this business in your mouth at the beginning or you will lose hope. Get the training. Then learn how to market yourself. And hang in there.
At the end of the book, the author included two sales letters for his other products. We have used both these items in our company and can say that they work as well as advertised.
It' great that more and more products are coming out for the mortgage industry. When I first got in, all the training I got was to follow around another loan officer for 3 days.
Now, thanks to books like this one, people who want to understand the business before they get in, can. And if you buy this book and learn that this business is not for you, then that is a good thing. It saved you thousands of dollars and countless hours doing something you wouldn't like. Before, there was no way to know if you would like this industry until you joined. And for many people, it's too hard.
Use the resources that are mentioned in the book to do your own research and follow the suggestions. This guy knows what he is talking about and it shows. Not only in his success but in the success of the people he has taught.
Summary of So You Want to Be a Mortgage BrokerSo you want to be a mortgage broker? Or maybe you're not sure yet. Let's imagine a little. Imagine a world, where you are your own master: You have the time to do whatever you wish. You have the ability to live up to your true potential. No limits, no barriers. No handicaps or favoritism or discrimination. Nothing can hold you back. You can be as successful as you wish. Your income is only limited by your desire. No menial labor required. You can work whenever you want, wherever you wish. No time clocks to punch or bosses to bother you. You can have a respectable white-collar universe. Computers, paper, and air-conditioned offices are your domain. High finance is your game. Your market is virtually unlimited. Everyone wants and needs your product: money. And they will do what it takes to get it. But you don't need any money to get started, you have nothing to risk. The money belongs to someone else, and you make money by helping them distribute it. No formal education is required. Just be yourself, and through honesty and integrity you can succeed. This is the world of the mortgage broker. And a world you can join, if you have what it takes to make a decision. The trails are already worn. No new territory here. Thousands of successful brokers have walked this way before. And all you have to do is follow their path. No guesswork. No risk. This is not a new opportunity. It has been around since there was money. And it will continue to be around as long as man walks the earth. The only question is, will you be a part of it? What is it you desire out of life? · More money? · Financial security? · A good future for your family? · A chance to help others? · Freedom? All these can be yours, easily. If thousands of regular, everyday people can do it, so can you. Mortgage brokerage is one of the last few remaining businesses, in which you are judged by your output, and not who you know, or where you went to school. It doesn't matter if you went to school at all. It might actually be better if you didn't. Your income is unlimited. You alone determine your success. No external factors can stop you. If you ever thought you could do great things, this is the opportunity to show what you can really do. You don't need any money to get started. You don't even need a computer. All you need is the belief that you can succeed, and the desire to do so. You can provide a much needed service. Imagine how it feels to get a hug from a man and a woman, who just bought their first house- a dream of there's for years, and one which they know was made possible only because you were there to help them. That is the life of a mortgage broker. And our company will fill you in on all the details of this life: both the good and the bad. First let me explain why I am writing this letter: My company, Kamrock Publishing has a website. This is our main site for mortgage professionals. We have several training and marketing resources available at this site. But what we didn't have was a way to help people get into the mortgage business. And everyday we would get multiple emails from people wanting to know how to get a license, where do they start, how do they find a company to work for, etc. And after a while, we got tired of answering these emails, so we put together the only book available that shows people how to get into the business. It's called, So You Want To Be A Mortgage Broker? If you have any questions about what to do to become a mortgage broker, or if you want a behind the scenes look at the world of mortgage brokerage this book will be invaluable to you. In it, we cover all the questions we were asked repeatedly including several that people need to know but did not know to ask. Some of the questions answered are: · What does a broker do? · How does a broker make money? · W
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