Mortgage Broker: Job Duties, Career Outlook, and Education Requirements
Research what it takes to become a mortgage broker. Learn about education requirements, job duties, average wages and job outlook to find out if this is the career for you. Schools offering Real Estate degrees can also be found in these popular choices.
Career Information At a Glance
Mortgage brokers are licensed financing professionals. As a mortgage broker, you are in the business of selling real estate properties owned by others to borrowers who want to purchase the property. Your duties include assessing the needs of borrowers and matching them with one of many lenders from your list of contacts. The following chart provides an overview of important career considerations for this profession.
|Degree Required||High school diploma|
|Key Skills||Interpersonal communication, decision making, initiative, organization|
|Licensure and Certification||Licensure required, certification beneficial|
|Job Growth (2014-2024)||8% (for loan officers)*|
|Median Salary (2016)||$51,856**|
Source: *U.S. Bureau of Labor Statistics, **Payscale.com
What Do Mortgage Brokers Do?
As a mortgage broker, it is your responsibility to review borrowers' applications, credit reports and financial information to find the best possible matches. You must balance factors such as the length of the loan repayment schedule, interest rates and monthly payment amounts, depending on each client's financial situation. It's important that you collect a diverse range of information about each borrower and create a file for a lender. You also negotiate the details of the loan between the two parties.
What Is the Career Outlook?
The U.S. Bureau of Labor Statistics (BLS) reported on loan officers, who perform duties that are very similar to that of a mortgage broker. Loan officers are expected to experience average job growth from 2014-2024, with job opportunities growing by 8%. These opportunities are expected to emerge as the economy recovers, resulting in more people looking to purchase homes. The recent housing crisis has seen an increased call for regulatory compliance, which should benefit professionals looking to enter this field.
What Education Requirements Must I Fulfill?
The minimum requirements for becoming a real estate broker include a high school diploma and a license, but it is becoming more common for companies to hire candidates with degrees. If you'd like to increase your employment options, you may want to enroll in a real estate program at a community college or university.
Real estate program curricula prepare you for licensing and include classes in real estate brokerage administration, real estate transactions, building codes, real estate contracts, financial accounting, marketing and escrow procedures.
Your state will require that you become licensed before practicing as a mortgage broker. The Mortgage Loan Originator (MLO) license is an excellent way for brokers to prove their knowledge and experience. Requirements for this license vary by state.
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