Nov

5

How much money do mortgage brokers make?

Filed Under mortgage 

Carson asked:


I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?

Shane
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    • Comments

    4 Responses to “How much money do mortgage brokers make?”

    1. Yrent.com on November 6th, 2008 1:22 pm

      For us so there is sales buiness and all depends on the amount of brokers showing off their earnings.

    2. pattibcacl on November 9th, 2008 1:06 pm

      They have allot people come and get mortgages they must make money helping people

    3. Richard M. Johnston, Realtor on November 9th, 2008 5:06 pm

      How successful do you want to become?

    4. actingnormal on November 12th, 2008 11:31 pm

      Depends on the person. Two items that affect their income is volume (number of loans they close) and how aggressively they price their loans. With the real estate market booming and the rates being so low the last three years, loan officers stood to make quite a bit (everyone was buying and refinancing). Even inexperienced loan officers did well previously. When the market was hot, I saw good loan officers making around the $300,000 mark. But now things have slowed sales wise and rates have risen (not as many refinances). Some who made easy money previously have little to no pipeline now. Its sales - you need to build a referral base and be persistent. A good loan officer can still make over $100,000 per year. It can be a tough business (just like any competitive commission sales career).