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 fifteen billion nine hundred forty nine million two hundred seventy nine thousand dollars…in one year!

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

Consider a career that does not require any formal education but offers a six-figure plus income potential for any broker who wants it.

Here’s how it works…

A mortgage broker acts as an intermediary between the borrower and the 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 positive side of this profession is almost unlimited. Once you reach a high monthly income level from your mortgage commissions, you can move on to other areas of the business and earn huge amounts of money.

Buying second mortgages, financing choice loans yourself, and buying real estate investment properties are just a few examples of the expansion opportunities available to successful mortgage brokers.

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

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

You must be able to sell.

This is ultimately a personal business. You will deal with people every day. Knowing how to communicate with all kinds of people to ensure they are comfortable during a very unfamiliar time

Important process is vital. Selling skills are essential to your success as a mortgage broker.

Previous sales experience beneficial but not essential. No matter your sales skill level, you must commit to continually learning everything you can about sales.

You have to understand loan processing.

Loan processing is an exercise in dealing with bureaucracy. It takes patience and a different mindset than you need when you deal with your customers. Make an effort to make it personal

Relationships with decision makers at your preferred lenders…will pay off in tangible, financially measurable ways.

The best way to prove yourself as a professional is with accurate expert knowledge. Study the loan process from start to back and really get to know the benefits of loan financing. It will give you insight and perspective on the business that will enable you to provide better service, faster closing and a smoother process to your clients.

You have to use effective marketing.

Without effective marketing you will not have any prospects to sell. It is marketing that brings prospects. Your mortgage business, in fact…all businesses, depend on it for their very survival.

But marketing can do much more than help you survive. If done carefully, methodically and scientifically, marketing can propel your mortgage business to levels of financial success that you would never have dared imagine.

Effective marketing can build a mortgage company into a cash cow… that can’t handle loans and sales. The greatest success in the field of mortgage can be achieved as quickly as possible through mastery

The art and science of mortgage marketing.

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

Source by David Wells

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