What the average income is for mortgage brokers?
Mortgage brokers are lumped in with loan officers in the US Bureau of Labor Statistics data. And earnings vary widely. Most brokers / loan agents work on commission, but some are salaried. According to the BLS, in 2006 (a very good year for mortgage lending), the median annual earnings of wage and salary loan officers were $51,760. Not exactly breaking the bank.
Those who want to earn more should plan on working longer hours, choosing a commissioned job over a salaried position, and obtain advanced degrees or professional certification.
Plan also to put in the time and rack up the experience. Financial employment agency Robert Half International surveyed its clients and found that consumer loan officers with 1 to 3 years of experience earned between $30,750 and $36,250 in 2007, and commercial loan officers with 1 to 3 years of experience made between $45,750 and $70,250. Commercial loan officers with more than 3 years of experience made between $61,750 and $100,750, and consumer loan officers earned between $36,250 and $51,250.
Other career paths for loan professionals include moving into management, wholesale lending, or working for regulatory agencies.