The average salary for a Mortgage Broker is $58,274.
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$30k - $126k
$1 - $35k
$0 - $3k
$12k - $105k
$30k - $142k
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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 borrowe…Read more
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.
Job Satisfaction for Mortgage Broker
Mortgage Broker Job Listings
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Popular Skills for Mortgage Broker
Skills in Sales are correlated to pay that is above average. Skills that pay less than market rate include Customer Service, Financial Analysis, Residential Loans and Mortgage Loans.
Pay by Experience Level for Mortgage Broker
An entry-level Mortgage Broker with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $43,500 based on 16 salaries. An early career Mortgage Broker with 1-4 years of experience earns an average total compensation of $44,237 based on 31 salaries. A mid-career Mortgage Broker with 5-9 years of experience earns an average total compensation of $55,955 based on 15 salaries. An experienced Mortgage Broker with 10-19 years of experience earns an average total compensation of $72,456 based on 44 salaries. In their late career (20 years and higher), employees earn an average total compensation of $75,000.
Years of Experience
This data is based on 123 survey responses.
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