Broker Your Mortgage Career Into a New Job

Layoffs in the financial sector made national headlines throughout the second half of 2008. Many banks and finance companies publicly merged or closed, making many mortgage brokers redundant in an already struggling market. However, some brokers lost their jobs during the initial market erosion of 2007. Their experience shows that brokers who enhance their existing skills with complementary career training often make easier and more fulfilling job transitions than colleagues who rely solely on personal networking.

Common Skills and Professional Requirements for Mortgage Brokers

• Bachelor's degree, often in finance or business
• Strong communications skills
• Financial acumen
• Extended professional network

Translating Mortgage Broker Skills to New Careers

According to hiring managers, many talented financial professionals require just a few new skills to become attractive job candidates. For instance, many mortgage brokers find new jobs working as customer service agents in other branches of the financial industry. Brokers who like deal making can land jobs as account executives for recession-proof employers, such as drug manufacturers.

Getting laid off also opens doors to entirely new career opportunities. Some brokers choose to enroll in career training programs while collecting severance packages or unemployment benefits. Many former brokers report success in their transition to real estate careers. Knowledge of the foreclosure process and connections among former colleagues can give real estate agents a significant edge when helping clients purchase distressed properties. In some communities, school districts allow experienced business professionals to earn fast-track teaching certifications.

Prospective Careers for Former Mortgage Brokers

• Customer Relations
• Real Estate
• Pharmaceutical Sales
• Elementary and High School Education

Targeted Training Speeds Up Career Transition

Government statistics indicate that mass layoffs of over 200,000 workers per month will send even more talented professionals to compete with millions of already unemployed Americans. To stand out from the crowd, career advisors recommend enrolling in accredited job training programs. Because most mortgage brokers already hold bachelor's degrees, online certificate programs can quickly build key skills without disrupting work or family commitments.

Online schools allow professionals to learn at their own pace, often in their preferred learning styles. Instead of settling for cookie-cutter education, participants can choose how they prefer to interact with faculty and with other students. Former brokers who leverage business experience during assignments and discussions often complete training more quickly than other students.

Government Aid Makes Career Training Accessible

Many state agencies and non-profit organizations now offer access to job transition programs to recently laid-off mortgage brokers and other financial professionals. In addition, most online career training programs qualify for the same kind of federal grants, loans, and scholarships as traditional, campus-based degree programs. Submitting a Free Application for Federal Student Aid (FAFSA) to prospective online colleges and universities can reveal the amount of funds available. Moving quickly with financial aid paperwork not only identifies more funding, it shortens the gap for former brokers eager to get back to work.

Sources:
Bureau of Labor Statistics, Mass Layoffs Summary
Bureau of Labor Statistics, Securities, Commodities, and Financial Services Sales Agents
Michigan Live, Local Realtors seek 'expert' designation to help sellers who are 'upside-down', by Julie Edgar
Nashville Business Journal, Professionals targeted for teacher recruitment
National Association of Mortgage Brokers, Frequently Asked Questions Orange County Register, Experienced employees take holiday temp jobs, by Sarah Tully
Sarasota Herald Tribune, Edward Jones' growth plans on track, by John Hielscher
State of Connecticut, Education Required to Obtain a Mortgage Broker License, by Soncia Coleman
Wall Street Journal, Four at Four: Setting Up for Joblessness, by David Gaffen
Workforce Management, Gold Rush Is On as Recruiters Mine Distressed Financial Sector Workers, by Fay Hansen