With the markets for mortgages becoming more competitive day-by-day, the popularity of mortgage brokers is on the rise. The aim of this article is to put forth information related to their salary and job description.
Mortgage brokers perform the task of meeting the loan or credit requirements of the customers. Their demand in the field of finance has increased to a considerable extent over the last few years. Besides this, their salary has also observed a growing trend.
Duties and Tasks
The mortgage broker personally interacts with potential clients, and explains them all the aspects related to finance, from the company that he is representing. He has to study the financial position of the people wishing to seek loans, and suggest them ways to improve their credit score. There are many legal aspects that should be taken care of, while sanctioning loans to the clients. His duty is to explain all these legal aspects in an easy way to the clients so that they understand them properly. They need to work hard to achieve a mark for themselves, and work for reputed lenders.
How to Become One?
In order to become a mortgage broker, you should obtain a degree in marketing, commerce, economics, or business administration. Though there are many people who enter this field without a degree, getting one will guarantee good future prospects and fast career growth. Reputed financial service providers would definitely prefer recruiting people, who have passed out from recognized universities. Along with a college degree, qualities such as excellent communication skills, ability to think logically, sound knowledge of the banking system, ability to work for long hours, and an outgoing nature are also essential. Gaining experience is important in order to achieve your career goals in this field.
Their salary largely depends on the organization for which they work, experience, and the location of the work. The ones working in large metropolitan cities are bound to earn a higher salary package. Their average pay scale is believed to be around USD 50,000 per year; however, it can vary with experience to a great extent. There are many of them who earn in the range of USD 50,000 to USD 70,000 per year. The salary in the initial years of joining an organization can be around USD 30,000 to USD 35,000 annually.
However, earning around USD 45,000 will not be difficult for those with the experience of around three to four years. Brokers, with five to eight years of practical experience can earn around USD 55,000 to USD 80,000 per year, while those with more than ten years can earn USD 1,00,000, or even more in the same period.