How the scam works:
You're approached by a company that offers training to people interested in becoming mortgage brokers. They promise a great package which also contains “high quality leads” and “fast payouts”. The selling point is that you can have a whole new career for a measly $4,000–not nearly the price of a full college education.
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The bad news is most of these companies are scams. The leads will be poor and the clients might not even know what they are signed up for. The payouts will come slow, if at all.
How to avoid:
Do your homework. Research the company extensively on forums and check if they're a member of the Better Business Bureau. Don't get all your information from the company's own testimonials and don't trust them just because they have the words “Financial,” “Mortgage” or “Services” in their company name.
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How much time is needed for the broker training? I was thinking to take training in the coming days. Modoras