What does a mortgage broker do exactly? And, what is the annual wage? And, do you need a college degree?
Answer:
I'm a loan officer for a Loan Broker and my job is to make contact with potential customers and price out different loans and programs for them.
I average between $8,000 to $15,000 a month. We are all commission only and get paid off points and rebates. It all depends on the loan amount and the program you are offering.
I have a college degree in finance and licensed by the state (not the quick 6 week program) but a accredited license. All states are different.
You need 2 take a 6wk course & get a license & what ever the house sells 4 U get a percentage my mortage lady got $10,000.00 on a $120,000.00 deal not bad.Plus she had to give a fee to the other realtor cause it was being sold thru someone else which was another $10,000.00 not bad for a day's work but it took me a month for all the paper work,but to them omg it's great for a day's paycheck lol
A mortgage broker "sells" mortgages. Like any sales job, you earn a commission on the loans that you write. They prequalify people for lending and them find a program loan that best suits the situation.
I have many friends in this business that make between $100,000 and $400,000 per year, WITHOUT A COLLEGE DEGREE.
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