Importance

• Mortgage brokers must be able to represent the interests of home buyers as well as mortgage lenders. This means that a mortgage broker needs excellent communication skills, as well as listening skills to understand exactly what a client wants. Mortgage brokers negotiate with lenders to get better rates, which requires tact and an understanding of what terms are unreasonable. A successful broker makes money for lenders by providing customers but also satisfies clients who receive loans that are better than those they could have secured on their own.
  
  

Components

• A mortgage broker's sales training can take several forms and must focus on a variety of skills. Brokers need to be able to explain the intricacies of different types of loans to borrowers, including the differences between fixed, variable rate, balloon and split mortgages. This requires a mix of industry knowledge and sales ability. Brokers learn on the job as well as through formal training programs. While college degrees are seldom mandatory, mortgage brokers who lack degrees may need formal training through a specialize mortgage broker training program to handle sales successfully.
  
  

Testing

• The Nationwide Mortgage Licensing System oversees licensing for mortgage brokers, which many states require before a broker can take on clients. NMLS testing examines a prospective broker's knowledge of the mortgage industry. Tests also ensure that only brokers who understand mortgage regulatory practices and laws surrounding mortgage sales in their states achieve licensure. Training programs, including classroom sessions, study aids and online instruction, prepare new brokers for NMLS tests and provide comprehensive mortgage sales knowledge.
  
  

Learning On the Job

• Another aspect of a mortgage broker's sales training occurs on the job and continues throughout an individual broker's career. This training comes from working with more experienced brokers, dealing with clients and suffering through failures. Even the most knowledgeable broker will not be able to make a sale without convincing the borrower to accept a mortgage offer and move forward with a home purchase. As new generations of home buyers come to the market, mortgage brokers need to adapt their sales techniques and methods to continue delivering mortgages to a changing customer base.