How to become a mortgage broker

The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That’s one trillion, eight hundred and fifteen thousand, nine hundred and forty-nine million, two hundred and seventy-nine thousand dollars… in one year!

Mortgage brokers average over 1% commission on each transaction…so a conservative estimate is $18,159,492,790 for the mortgage industry in commissions last year. Eighteen billion is a lot of money for everyone.

Consider a profession that doesn’t require any formal education but offers earning potential in the well over six figures to any broker who wants it.

That’s how business works…

A mortgage broker acts as an intermediary 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 advantages of this profession are almost limitless. Once you’ve reached a high level of monthly income from your mortgage fees, you can move on to other areas of the business and earn big bucks.

Buying second mortgages, financing self-selection loans, and purchasing real estate investment properties are just a few examples of the expansion opportunities that are available to successful mortgage brokers.

If you are ambitious and want to get really rich, this industry will give you every opportunity to do so.

However, the mortgage industry requires you to master three important skills before it will reward you with success.

You have to know how to sell.

This is ultimately a personal business. You will be dealing with people every day. Know how to relate to all kinds of people to make sure they feel comfortable during an unfamiliar and very

important process is vital. Sales skills are essential to your success as a mortgage broker.

Previous sales experience is helpful but not necessary. Regardless of your sales skill level, you must be committed to continually learning as much as you can about selling.

You have to understand loan processing.

Processing a loan is an exercise in navigating red tape. It takes patience and a different mindset than you need when dealing with your customers. Put in the effort to make the staff

relationships with the decision makers at your favorite lenders…will pay off in concrete and financially measurable ways.

The best way to establish yourself as a professional is in-depth expert knowledge. Study the loan process from start to finish and really learn the ins and outs of financing a loan. It will give you business insight and insight that will enable you to provide better service, faster closings, and a smoother process for your clients.

You have to use effective marketing.

Without effective marketing, you won’t have prospects to sell to. It is marketing that attracts potential customers. In fact, his mortgage business… all businesses depend on it for their very survival.

But marketing can do a lot more for you than help you survive. Done carefully, methodically, and scientifically, marketing can propel your mortgage business to levels of financial success you never dreamed of.

Effective marketing can turn a mortgage business into a source of income… sales and loan processing can’t. The greatest success in the mortgage business can be achieved more quickly if you master the

the art and science of mortgage marketing.

This is a great industry. It offers all the opportunities you could wish for. True wealth awaits those who apply proven methods to their mortgage business.