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; His successful career as a mortgage broker rounds off an ongoing successful career in mortgage banking and his previous three mortgage-related books. Based in Austin, Texas, Mr. Reed writes mortgage columns for the Realty Times and Mortgage Originator. For those considering a career as a mortgage broker, banker, processor, or underwriter, this book is packed with everything you need to know before jumping into this exciting field of work.
Chapters cover: The Mortgage Loan Officer and His Team, How Do I Get Started?, Mortgage Banker vs. Mortgage Broker, The Loan Application Process, Types of Mortgage Loans, Loan Prequalification and Approval, Loan Documentation, Loan Interpretation credit reports and credit scores, Interest Rates: how they’re set, how to price them, how brokers make money, promoting yourself, and marketing secrets from the pros. Additional features include a preface, glossary, index, and comprehensive 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 era where borrowers can choose to have all or none of their income or assets verified to secure a mortgage, Mr. Reed does an excellent job of outlining the process and alternatives for new or potential mortgage bankers or brokers. .
