Becoming a Mortgage Broker question

[Jonathan Blandino]

I recently attended my first Flippers event and met a bunch of great people. I spoke with one person who told me to look into becoming a Mortgage Broker. I did some research and interested in a switch career wise. My only concern was looking at the specifics for the state of NJ it ask about having 50k net worth or something to that effect. Wanted to see if anyone knows how crucial this is and what is needed for this assessment? With my school loans and car loans would be hard to balance out that 50k.

[Eric Schleif]

@Jonathan Blandino 

I'm assuming you are looking into becoming a residential mortgage broker and not a commercial mortgage broker (big difference). As you are already aware, you have to be licensed to be a residential mortgage broker NJ. You don't need a $50K net worth. That's only if you are forming your own residential brokerage company and are therefore required to get bonded. To get bonded you need a minimum net worth of $50K among other things. I believe what you are looking for a Individual Residential Mortgage Broker License. There are background checks, classes, tests, etc. that are required to get your individual license. Net worth is not one of them.