Is becoming a mortgage broker worth it?

With a fast-growing working professional population in our province, mortgage brokers are seeing a rise in business. If you have a strong intuition for contracts and finance, excel at building new relationships, have strong ethical standards, and a great worth ethic, you’re a great candidate for the mortgage industry.

How much do successful mortgage brokers make?

The average salary for a mortgage broker in the United States can be anything from $50,000 to $90,000, depending on the source you look at. For example, PayScale reports that it averages $55,000, while Indeed reports an average of $92,250. Most other sources list average annual salaries between these two points.

Is it hard being a mortgage broker?

There are no hard-and-fast requirements for becoming a mortgage broker, but you will need some type of training. Many brokers are former loan officers who decided to strike out on their own, or real estate agents who decided they wanted to try the financial side of things. A background in sales is often helpful.

How hard is the mortgage broker exam?

How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54\%, and only 46.7\% for subsequent attempts. If an individual fails the test, they have to wait 30 days before being eligible to retake the exam.

Can mortgage brokers make 7 figures?

As you can see, mortgage broker salary will definitely vary based on the size of the loans they typically close. In more expensive areas of town (or the country), brokers might make six-figures or much, much more. While those in lower-priced metros could make significantly less if costs are still relatively similar.

Can you make millions as a mortgage broker?

That’s the first step to going deeper. So you see, it is possible to make a million dollars a year in the mortgage business AND have an amazing life outside of work! Gibran Nicholas is a speaker, trainer and coach to over 7,000 of America’s top entrepreneurs and trusted advisors.