Mortgage Broker Salary

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Mortgage Broker Salary: Can You Make Money In 2021?

Try being a mortgage broker if you’re looking for a career in real estate. Understanding what the job requires and the basic qualifications will make it easier for you to start a career in this field. 

This article defines what a  mortgage broker is, specifies the key responsibilities and average salaries, walks you through the steps to become a mortgage broker, and answers commonly asked questions about this occupation.

We’re going to review the mortgage industry to decide if it really is the best way to make money out there.

We’ll talk about whether being a mortgage broker is the right line of business for you

At the end, I’ll answer some of the most frequently asked questions regarding Mortgage Brokering and Real Estate in general.

But most importantly, I’ll show you the exact system I used to build my own internet marketing business to over $40,000 a month in mostly passive income.

This system made me swear off conventional Real Estate investing/brokering for good, because it uses some of the same skills but uses them in a much more powerful and profitable way!

Check Out This Simple Way To Run A Digital Real Estate Empire Online
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Table of Contents

What Is A Mortgage Broker? What Are Their Main Duties?

Mortgage lenders, otherwise known as “mortgage loan officers,” help homeowners or homebuyers find the best mortgage offer available.

They negotiate on their behalf or a representative to look for the best mortgage terms and interest rates.

Mortgage brokers do comprehensive research and assessment on the most recent loan terms and interest rates in order to provide their customers with the best rates possible. 

A broker may have a strong business relations with a lending institution, but they still put the best interests of their clients first.

Mortgage brokers are familiar with loan rates, terms, and institutions, as well as credit reporting and the conditions that constitute mortgage eligibility.

What Do Mortgage Brokers Do?

A mortgage broker acts as a liaison between those people looking for a home loan and prospective lenders. The broker usually has a roster of lenders, as well as their corresponding offers and criteria. 

What they do is find the best lending institution that matches their client’s needs and budget.

Mortgage brokers are usually compensated with a payment from the individual who signs the mortgage plus a certain fee from the lending bank.

The following are the typical tasks of a mortgage broker:

  • Document clients’ financial history, income, and credit
  • Use publicity and sales tactics to target new customers.
  • Underwrite and develop financial solutions as a liaison between the potential homebuyer and the lender.
  • Examine the local mortgage market to find the best offers for the client.
  • Take out loans on the borrower’s behalf and gather documents for the client’s pre-approval

How To Become A Mortgage Broker

You must have a certain level of qualifications and experience to practice as a mortgage broker. A relevant and sufficient background  gives you a better chance of success when looking for work in this field. To be a mortgage broker, the following are the steps you need to consider:

1. Earn A High School Diploma And An Advanced Degree.

To meet the educational qualifications for a mortgage broker, you must, at least, have a high school diploma or a GED.

Although a formal degree is not required, obtaining an bachelor or associate’s degree in finance or business administration can help you increase your opportunities for employment and income potential.

2. Take A Pre-Licensure Class.

As a prospective mortgage broker, you must obtain a license. You need to complete  a pre-licensure course, which consists of a 20-hour program covering subjects such as broker ethics, federal and state mortgage laws, and financial rules and regulations.

3. Pass The National Mortgage License System (NMLS) Test.

You need to pass the NMLS exam after completing the pre-licensure program. This assessment, known as the SAFE Mortgage Loan Originator Test, assesses your understanding of mortgage procedures as well as state rules and regulations.

The minimum score is at least 75% if you are to pass these two sections of the test.

4. Register And Establish Your Mortgage Brokerage.

Register your brokerage business after passing the licensure exam and accomplishing the prescribed coursework. The registration requirements differ from state to state. 

Your brokerage registration, where you are to provide your business name and location, can be done via your licensing authority in your state.

5. Apply For Your Mortgage Broker License And Get Your Mortgage Broker Bond.

Applying for your mortgage broker license is the next step you need to take.  The NMLS provides the requirements and criteria of the state where you’re in.

To obtain your mortgage broker licensure card, you must, of course, pass the test, pay a fee, obtain the appropriate bond, and finally, file an application.

To obtain your license, you must also obtain a mortgage broker bond. A mortgage broker bond covers your customers if you fail to observe your state’s laws.

Having these two prove your legitimacy to prospective clients.

6. Maintain Your License.

Stay up to date on mortgage lending trends in both your city and state. Maintain your credential by taking continued education classes every year.

Part of your license renewal requirements is actively participating in continuing education.

This not only keeps your license valid, but it also means that you are providing your customers with the most recent information on loans.

7. Continue Your Training.

It is essential to keep yourself up-to-date with the best practices and knowledge through engaging in continuing education and training in order to become a successful mortgage broker. 

Try to take in-person or online training classes to strengthen your knowledge of your job and the industry in general, as well as to deepen your understanding of different state and federal regulations.

Additionally, make an effort to network with other mortgage brokers and industry-related professionals in order to remain current.

How Much Does A Mortgage Broker Make In The United States?

In the United States, the average Mortgage Broker salary is $83,469. This is as of April 27, 2021. The salary range usually varies between $75,475 and $99,674.

Salary levels can differ greatly based on different variables, including qualifications, certifications, additional expertise and skills, and also on how long you’ve practiced in your field.

What Is The Pay By Experience Level For Mortgage Brokers?

  • Based on 11 reported salaries, an entry-level Mortgage broker having less than one year of experience should expect to receive an annual gross salary (tips, incentive, and overtime pay) of $46,750.
  • Based on 24 reported salaries, an early career broker having 1-4 years of experience makes an annual gross salary of $55,000.
  • Based on 11 reported salaries, a mid-career broker having 5-9 years of experience makes an annual gross salary of $55,000.
  • Based on 30 reported salaries, an accomplished mortgage broker having 10-19 years of experience enjoys an estimated gross salary of $64,707 a year.
  • Employees in their late career, 20 years and up, make an annualThe average salary for a mortgage broker is $99,760 per year in the United States and $52,000 commission per year. gross salary of $68,784.

Mortgage Broker Salary in the United States

Average Base salary (92 salaries reported, updated at May 19, 2021)

In the United States, the annual income for a mortgage broker is $99,760, plus a commission of $52,000.

Additional compensation

Commission: $52,000 per year

Highest Paying Cities In The United States For Mortgage Brokers

Los Angeles, CA (6 reported): $130,605 per year

New York, NY (6 reported): $125,640 per year

Dallas, TX (6 reported): $118,002 per year

Denver, CO (7 reported): $115,644 per year

Houston, TX (8 reported): $107,214 per year

Tampa, FL (8 reported): $101,533 per year

Miami, FL (8 reported): $97,823 per year

Charlotte, NC (8 reported): $90,892 per year

What Is Our Top Recommendation For Making Money Online In 2021?

Our review team has come across a program in the real estate mortgage industry that is next level!

Although it’s not real estate in the traditional sense, it’s all digital.

Where these Real Estate and Mortgage Brokering fall short is in scalability. Because in order to make a good amount of money with real estate, you have to have several different properties.

And who has the capital for that right away?

But what if you went local?

With Local Digital Real Estate, you will be getting service requests from multiple sites at every minute of the day from people who are willing to pay a lot of money for what you can provide them.

So, think of it this way….

What if you could have streams of investment income where you operated 10 rental units that you could charge anywhere from $750-1,000 per month?

That’s $7,500-10,000 per month in passive income!

What If You Invested Into 100 Rental Units?

But instead of spending $Millions to build houses or apartment complexes… you spend a couple hundred dollars to build websites.

Next, you offer your lead generation system to local business owners who are looking for customers and are willing to pay you for their information.

And Then…


You’ve just created a Digital Real Estate Investment Empire that is potentially earning you 4-5 figures in PASSIVE INCOME on a monthly basis without spending a single dime on ads.

Now, how many mortgage brokers can make that much money in passive income… all on a RESIDUAL basis?

Now, I could go on and on, but I’m sure you have tons of questions about how to create Digital Real Estate assets and start building YOUR digital empire!

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