How Much Do Mortgage Brokers Make?
Mortgage brokers are a near necessity in today’s economic climate. The worth of the average home has risen with time, leading to the need for a mortgage to be more common. As demand rises, the need for someone with the skills, knowledge, and resources climbs along with it. According to the Bureau of Labor Statistics, the demand for mortgage broker positions is growing faster than average in the U.S. The demand is there, but how well is the average mortgage broker compensated for their time and effort? The dedication and time needed to pass certification and licensing make a lot more of a difference than you’d anticipate!
Mortgage Broker Salary
The average salary for a mortgage broker (as reported by Indeed.com) comes at around $85,472, and the average loan officer salary was $63,960 – those figures can vary dramatically. Brokers commonly work on a commission basis – earning some amount of every deal they close. Brokers commonly make between 1 and 2 percent of the mortgage as their pay – meaning every deal made is worth thousands (if not tens of thousands). On top of the pay grade, brokers find that their occupation of choice comes with a number of perks.
The nature of a mortgage broker’s work means that your performance is pretty closely correlated to how much work you’re willing to put in and doing more means earning more. The nature of your job is largely flexible, as well. As a broker, you’re independent of a larger company – you act as your own boss. You can choose to take on more or fewer clients, put in more or fewer hours (so long as the job gets done), you can even decide if you want to work with a firm or from home!
As you choose to stay in the profession for years and years, the perks of seniority largely come from the experience, repertoire, and connections made. Making connections with your lenders can open the doors for more borrowing options, and honing your interpersonal skills can help you find more clients. Finding, processing, and closing deals become easier and more streamlined as the years go on, giving you the ability to earn more entirely from your own merit.
How to Get There
The big money in mortgage brokering won’t come from being complacent in your own ability, as previously mentioned. Moving up in the world requires dedication to your craft. Finding new clients to work with is a constant game of making connections and following up with them. Learn to talk with people, learn to respond timely, and learn to demonstrate your capability. The industry as a whole is fiercely competitive, and becoming the person people want to choose is a matter of putting your image foremost in their mind. If raw charisma can’t get you there, then sometimes being in the right place at the right time is the best avenue.
Choose BluePoint Mortgage as Your Lender
Getting the best connections means working with the best in the industry. For everything you need in a mortgage lender, Bluepoint Mortgage is your #1 choice. We are one of the largest and fastest-growing wholesale mortgage lenders in the nation, and we know what it means to start and close a deal quickly and efficiently. We have the resources, contacts, and experience to earn the title of #1. Learn more about Bluepoint Mortgage or contact us today.