What does it take to be a mortgage consultant?

Step 1: Take a pre-licensure mortgage broker class. You'll need to complete a pre-licensure program. This is a 20-hour class that offers education on federal and state laws pertaining to the mortgage broker business.

Step 2: Pass the National Mortgage License System (NMLS) test. After completing your pre-licensure course, you will need to pass the National Mortgage License System (NMLS) exam.

The test, known as the SAFE Mortgage Loan Originator Test, challenges your understanding of the course material, including broad mortgage practices as well as state-specific guidelines and regulations. To pass your license exam, you must have at least a score of 75% for the state and federal portions.

Step 3: Register and establish your mortgage consultant business. Registration requirements vary from state to state. They may include establishing a business name and location, securing an employer identification number or EIN, and creating a business structure like an LLC, an S or C corporation, or a partnership.

You will then register your business with these details through your state's licensing authority.

Step 4: Build relationships with real estate agents and other partners. After receiving your license, a significant part of becoming a mortgage broker is creating and cultivating relationships with business partners.

Relationships with real estate agents and lenders prove the most lucrative and rewarding for some mortgage brokers.

Step 5: Get your first clients. Using your business partnerships, create a system for taking on your first clients. Determine how you will work with them to understand their mortgage needs and the cost of delivering on your promises to them.

Lean on your industry relationships for referrals to new clients, but if that isn't enough at the start, consider passive marketing strategies.