Is mortgage broker salary good?


If you are thinking of a mortgage broker career, you are probably thinking of how big mortgage broker salary is.

Mortgage broker salary can easily be $60-70K.

Truth is, mortgage broker salary can be as low as $25K plus commission, but the full time mortgage broker with several years of experience is easily making over $60,000 in whichever state.

Successful mortgage brokers are compensated through commission rather than salary. However, many mortgage brokers do start their careers as order takers for a bank, or a credit union. In that case, mortgage broker salary is low - perhaps only big enough for the broker to get by, and sometimes not even that big. In fact, lending institutions hiring high school or recent college graduates just get them started. Often, soon enough as the loan officer starts feeling comfortable with the business and begins generating loans for the company, they are likely to be off salary as the mortgage broker job is not a 9 to 5 job.

You are expected to sell loans and generate income for the company, or supervise and assist people to generate greater income for the company. Steady paycheck and mortgage broker salary does not provide incentive for improving sales performance. The mortgage business is one where mortgage brokers are successful when they are constantly trying to improve their performance and work on bringing in loans and commission rather than live on salary.

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