HELP the Skywalker: Mortgage brokers???

[MattTheSkywalker]

Is anyone here a mortgage broker? Do they make any $$$? Usually work at a bank? What exactly do they do?

Any info you have would be extremely helpful. Thank you.

 

[nitlyan]

MOrtgage Broker or Loan officer.....they do the same thing. Yes, you can make very good money. Selling home mortgages, refinance a mortgage for a lower rate.....The loan officer makes money on the origination fee and kick backs from the bank if you can sell someone a mortgage with a high interest rate. Some states do not have a cap on origination fees. An average fee for a 30 fixed mortgage is around 1% to 2% of the loan. So, if you do a morgage for a $300,000 house you could make $3000 to 6000...You do not have to work for a bank. There are plenty of other Mortgage brokers who have relationships with numerous banks and you can then give your customer choices on rates. Working for a bank(wellsfargo, World Savings, etc) you have to sell just what that one comapny is offering...I could go on...but, yes you can make very good money