Mortgage Broker Salary

The average pay for a Mortgage Broker is $51,725 per year.

$25,175 - $176,087
(Median)
$25K
$52K
$180K
MEDIAN: $51,724
10%
50%
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$130K$260K$390K
Salary
$25,175 - $176,087  
   
Bonus
$0.00 - $38,783  
Profit Sharing
$465.00 - $27,500  
Commission
$2,517 - $372,485  
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).
)
$25,996 - $187,402  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 103
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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.

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Pay by Experience Level for Mortgage Broker

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

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Experience Affects Mortgage Broker Salaries

Late-Career
up arrow 89%

Experienced
up arrow 77%

Mid-Career
up arrow 44%

National Average
$58,000

Entry-Level
up arrow 20%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 6 votes.

Gender

Female
16 %
Male
84 %

Years of Experience

Less than 1 year
14%
1-4 years
33%
5-9 years
14%
10-19 years
25%
20 years or more
14%

Common Health Benefits

medical benefits Medical: 57% dental benefits Dental: 39%
vision benefits Vision: 36% employee benefits None: 39%
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