Mortgage Broker Salary

The average pay for a Mortgage Broker is $60,324 per year.

$30,172 - $182,817
$30K
$60K
$180K
MEDIAN: $60,324
10%
50%
90%

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$11.00 - $23.01
$22
MEDIAN: $21.62
50%

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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
$30,172 - $182,817  
   
Bonus
$481.77 - $29,882  
Profit Sharing
$930  
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).
)
$30,544 - $183,090  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 75
National Hourly Rate 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$50$100$150
Hourly Rate
$21.62  
   
Overtime
$24.87  
National Annualized 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$100K$200K$300K
Bonus
$481.77 - $29,882  
   
Commission
$75,000  
Profit Sharing
$930  
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).
)
$30,544 - $183,090  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 7

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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

  • Interview and document credit, income, and financial history of clients.
  • Deploy marketing and sales strategies to attract new clients.
  • Mediate between the prospective homebuyer and the lending institution to underwrite and structure financial solutions.
  • Assess local mortgage market to find deals for client.
  • Apply for loans on behalf of borrower and collect documentation to pre-approve client.

Mortgage Broker Job Listings

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Pay by Experience Level for Mortgage Broker

Pay by Experience for a Mortgage Broker has a positive trend. An entry-level Mortgage Broker with less than 5 years of experience can expect to earn an average total compensation of $52,000 based on 41 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Broker with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $70,000 based on 14 salaries. An experienced Mortgage Broker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $85,000 based on 30 salaries. A Mortgage Broker with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $85,000 based on 11 salaries.

Key Stats for Mortgage Broker

Gender

Female
39 %
Male
61 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 4 votes.
Less than 1 year
13%
1-4 years
32%
5-9 years
12%
10-19 years
29%
20 years or more
13%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Broker Salaries

Late-Career
▲40%

Experienced
▲39%

Mid-Career
▲14%

National Average
$61,000

Entry-Level
▼16%

Job Satisfaction

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

Gender

Female
39 %
Male
61 %

Years of Experience

Less than 1 year
13%
1-4 years
32%
5-9 years
12%
10-19 years
29%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 58%
dental benefits
Dental: 42%
vision benefits
Vision: 33%
no benefits
None: 36%