How To Become a Mortgage Broker
David A. Wells
The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That's one
trillion, eight hundred and fifteen billion, nine hundred and forty-nine million, two hundred and
seventy nine thousand dollars...in one year!
Mortgage brokers average better than 1% commission on every transaction...so a conservative
estimate is $18,159,492,790 to the mortgage industry in commissions last year. Eighteen billion
is a lot of money to go around.
Consider a profession that doesn't require any formal schooling yet offers a six-figure plus
income potential to any broker who wants it.
Here's how the business works...
A mortgage broker acts as the middle man between a borrower and a lender. The broker bridges the
communication gap between the technical requirements of the lender and the non-technical demand
of the borrower. And here's the best part...mortgage brokers get a cut of every loan they close.
The upside for this profession is nearly unlimited. Once you've reached a high monthly income
level from your mortgage commissions you can move into other areas of the business and make huge
amounts of money.
Buying second mortgages, funding choice loans yourself and buying real estate investment
properties are just a few examples of the opportunities for expansion that are available to
successful mortgage brokers.
If you're ambitious and want to become truely wealthy this industry will afford you every
opportunity to do so.
The mortgage industry does, however, require that you master three important skills before it
will reward you with success.
You have to be able to sell.
This is ultimately a personal business. You will be dealing with people every day. Knowing how to
relate to all kinds of people to make sure they are comfortable during an unfamiliar and very
important process is vital. Sales skills are essential to your success as a mortgage broker.
Prior sales experience is helpful but not necessary. Regardless of your sales skill level you
should commit to continuously learning everything you can about sales.
You have to understand loan processing.
Processing a loan is an exercise in navigating a bureaucracy. It takes patience and a different
mindset than you need when you deal with your clients. Put in the effort to make the personal
relationships with decision makers at your favorite lenders...it will pay off in concrete,
financially measurable, ways.
The best way to establish yourself as a professional is thorough expert knowledge. Study the loan
process from front to back and really learn the in's and out's of funding a loan. It will give
you insight and perspective on the business that will enable you to offer better service, faster
closings and a smoother process to your clients.
You have to use effective marketing.
Without effective marketing you won't have any prospects to sell to. It's the marketing that
brings in prospects. Your mortgage business, indeed...all businesses, depend on it for their
very survival.
But marketing can do much more for you than help you survive. If done carefully, methodically
and scientifically, marketing can propel your mortgage business to levels of financial success
you never dared imagine.
Effective marketing can build a mortgage business into a cash cow...sales and loan processing
can't. The greatest success in the mortgage business can be had the quickest by mastering the
art and science of mortgage marketing.
This is a great industry. It offers all the opportunity you could ever want. True wealth awaits
those who apply proven methods to their mortgage business.
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insights into the mortgage industry. Learn veteran mortgage broker techniques and strategies
that are making successful brokers millions in commissions right now.
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About the Author
Owner of Alexander Publishing - an internet information company.
