Book Review: Your Successful Career as a Mortgage Broker by David Reed, Amacom: American Management Association, 1601 Broadway, New York, NY 10019, ISBN 978-0814473709, 978-0814473702, $18.95, 240 pages, 2007
David Reid’s latest mortgage deed; Your Successful Career as a Mortgage Broker complements his successful career in the mortgage business as well as his previous three mortgage-related books. Based in Austin, Texas, Mr. Reid writes mortgage columns for Realty Times and Mortgage Originator. For those considering a career as a mortgage broker, banker, processor, or guarantor, this book is packed with everything you need to know before plunging into this exciting field of work.
Chapters cover: Mortgage Loan Administrator and His Team, How Do I Get Started?, Mortgage Banker vs. Mortgage Broker, Loan Application Process, Types of Mortgage Loans, Loan Pre-Qualification and Approval, Loan Documentation, Interpretation of Credit Reports and Credit Scores, Interest Rates: How It’s Done Hire them, how to quote them, how brokers make money, market yourself, and marketing secrets from the pros. Additional features include an introduction, glossary, index, and comprehensive resource appendix. Industry resources, state licensing scheme and payments per thousand dollars funded.
I found the chapter on Loan Documentation particularly helpful. In an age when borrowers can choose to verify all or not of their income or assets to secure a mortgage, Mr. Reid does an excellent job of describing the process and alternatives to new or potential mortgage bankers or brokers.