Mortgage Broker Salary (United States)

The average pay for a Mortgage Broker is $70,986 per year. Most people move on to other jobs if they have more than 20 years' experience in this career.
Mortgage Broker Total Pay (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$29,545 - $211,408
(Median)
30K
71K
120K
210K
MEDIAN: $70,985
10%
50%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$80K$160K$240K
Salary
$29,545 - $211,408  
   
Bonus
$0.00 - $41,157  
Commission
$27,500 - $112,500  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$30,582 - $231,164  
PayScale
Country: United States | Currency: USD | Updated: 11 Jun 2014 | Individuals Reporting: 143
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Job Description for Mortgage Broker

Mortgage brokers originate mortgage loans. There are two types of mortgage brokers: commercial mortgage brokers and residential mortgage brokers. The former deal mainly with the commercial sector and the latter with private individuals. Mortgage brokers keep abreast of an array of increasingly complex mortgage products in order to provide a wide range of loan options to their clients. Likewise, they keep their knowledge of the ever-changing mortgage standards up to date in order to ensure industry compliance in the practice of their trade.
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Mortgage Broker Tasks
  • Assess local mortgage market to find deals for client.
  • Apply for loans on behalf of borrower and collect documentation to pre-approve client.
  • Mediate between the prospective homebuyer and the lending institution to underwrite and structure financial solutions.
  • Interview and document credit, income, and financial history of clients.
  • Deploy marketing and sales strategies to attract new clients.
Read more about: Loan Officers

Mortgage Broker Job Listings

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Pay by Experience Level for Mortgage Broker

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Experience Affects Mortgage Broker Salaries

Late-Career
up arrow 37%
Experienced
up arrow 29%
Mid-Career
up arrow 15%
National Average
$76,000
Entry-Level
up arrow 36%

Job Satisfaction

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Highly satisfied
Rated 4 out of 5 based on 11 votes.

Gender

Female
17%
female alumni
 
Male
83%
male alumni

Years of Experience

Less than 1 year
11%
1-4 years
23%
5-9 years
23%
10-19 years
30%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 54% dental benefits Dental: 40%
vision benefits Vision: 33% employee benefits None: 44%
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