The National Association of Mortgage Brokers says it has 12,000 members.
There is no question that mortgage brokers play an important role in the
economy. Mortgage brokers are responsible for more than 50 percent of all
loans. They work on commission, so salaries vary widely.
"If people don't work real hard, they are going to make $20,000," senior
loan officer Don Reehoorn. "And obviously, there are people in this business
who make millions of dollars a year. If you do a decent job [and] take care
of your clientele, $80,000 a year is certainly reasonable."
Reehoorn says that job prospects depend on a number of factors, including
the role of the Internet. It has made the search for mortgages easier and
cheaper. And it may make real-life brokers unnecessary. Job prospects also
change with mortgage rates, says Reehoorn.
"If rates are falling when a lot of people are refinancing, it is a good
time to get into it," he says. "If the rates are going up and the housing
market is slowing down, it is probably not a good time to get into it."
The cyclical nature of the mortgage industry can also be quite frustrating,
Reehoorn says. "One year, you can be making $150,000 a year. The next year,
you are making $60,000."
Earnings and employment information from the U.S. Department of Labor
is not available for this field at this time.