Book review: Your Successful Career as a Mortgage Broker By David Reed, Amacom: American Management Association, 1601 Broadway, New York, NY 10019, ISBN 0814473709 , 978-0814473702 , $18.95, 240 Pages, 2007
David Reed’s newest mortgage title; Your Successful Career as a Mortgage Broker rounds out a successful on-going mortgage banking career and his past three mortgage-related books. Based in Austin, Texas, Mr. Reed writes mortgage columns for Realty Times and Mortgage Originator. For those considering a career as a mortgage broker, banker, processor, or underwriter, this book is chock-complete of everything you need to know before taking the drop into this exciting field of work.
Chapters cover: The Mortgage Loan Officer and His Team, How Do I Get Started?, Mortgage Banker versus Mortgage Broker, The Loan Application course of action, Types of Mortgage Loans, Loan Prequalification and Approval, Loan Documentation, Interpreting Credit Reports and Credit Scores, Interest Rates: How They’re Set, How to Quote Them, How Brokers Make Money, Marketing Yourself, and Marketing Secrets From the Pros. Additional features include a preface, a glossary, an index, and a thorough resource appendix The 1003 and Disclosure Forms, Ten Steps to Becoming a Successful Mortgage Loan Officer, Ten Steps to Becoming a Megaproducer ($250,000 + per year), Sample Marketing Pieces, Industry Resources, State Licensing Chart and Payments Per Thousand Dollars Financed.
I found the chapter on Loan Documentation especially informative. In an age where borrowers can choose to have all or none of their income or assets verified to obtain a mortgage, Mr. Reed does an excellent job describing the time of action and alternatives for new or possible mortgage bankers or brokers.