Mortgage Broker Salary

The average pay for a Mortgage Broker is $51,856 per year.

$26,074 - $183,170
(Median)
$26K
$52K
$180K
MEDIAN: $51,856
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$70K$140K$210K
Salary
$26,074 - $183,170  
   
Bonus
$0.00 - $39,149  
Profit Sharing
$3,000  
Commission
$75,000  
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).
)
$29,362 - $197,489  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 109
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Job Description for Mortgage Broker

A mortgage broker works as a go-between for people seeking a home loan and potential lenders. The broker typically has a list of lenders and their respective offerings and requirements; they then work with loan seekers to match them with the lender that best suits their needs. Mortgage brokers are typically paid a commission by the person signing the mortgage and a fee by the lending bank. Throughout the mortgage process, the broker helps facilitate communication between the bank and the borrower and works to ensure an expedient decision and signing process.

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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.

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.

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Experience Affects Mortgage Broker Salaries

Late-Career
up arrow 87%

Experienced
up arrow 73%

Mid-Career
up arrow 33%

National Average
$59,000

Entry-Level
up arrow 16%

Job Satisfaction

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

Gender

Female
13 %
Male
88 %

Years of Experience

Less than 1 year
13%
1-4 years
36%
5-9 years
11%
10-19 years
27%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 56%
dental benefits
Dental: 38%
medical benefits
Vision: 30%
dental benefits
None: 38%
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