How To Become A Mortgage Broker

How To Become A Mortgage Broker



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 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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