Avg. Base Salary (USD)
The average salary for a Mortgage Broker is $58,304
What is the Pay by Experience Level for Mortgage Brokers?
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 $46,750 based on 11 salaries. An early career Mortgage Broker with 1-4 years of experience earns an average total compensation of $56,460 based on 24 salaries. A mid-career …Read more
What Do Mortgage Brokers Do?
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 …Read more
- 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.