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Mortgage Broker Salary

The average pay for a Mortgage Broker is $67,000 per year.
$29,362 - $205,952
(Median)
29K
67K
120K
210K
MEDIAN: $67,000
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
$29,362 - $205,952  
   
Bonus
$0.00 - $34,521  
Commission
$27,500 - $124,800  
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).
)
$30,497 - $231,878  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 116
United States (change)

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.

Mortgage Broker Job Listings

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Experience Affects Mortgage Broker Salaries

Late-Career
up arrow 48%

Experienced
up arrow 37%

National Average
$74,000

Entry-Level
up arrow 35%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 8 votes.

Gender

Female
19 %
Male
81 %

Years of Experience

Less than 1 year
12%
1-4 years
27%
5-9 years
22%
10-19 years
27%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 57% dental benefits Dental: 38%
vision benefits Vision: 34% employee benefits None: 41%