Mortgage Broker Salaries
Mortgage brokers are loan officers who determine an applicant's creditworthiness for a home loan. During the loan application process, a mortgage broker explains various types of loans to the client. The U.S. Department of Labor's Bureau of Labor Statistics reports that mortgage brokers spend a lot of time outside of the office, visiting clients at their homes in order to assist them with filling out applications.
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Features
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As of May 2010, the mean annual wage for mortgage brokers was $65,900, according to the bureau's Occupational Employment Statistics survey. The top ten percent earned $112,370 and the bottom ten percent were paid $30,930. The median wage for this occupation was $56,490. The bureau calculates mean annual wages by multiplying the mean hourly wage of $31.68 by 2,080, which is the average number of hours worked by a full-time mortgage broker.
Industries
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Depository credit intermediation was the largest employer of mortgage brokers, followed by non-depository credit intermediation. These industries paid mortgage brokers mean annual wages of $63,770 and $66,170, respectively. The highest-paying industries for mortgage brokers paid mean annual wages of $75,000 or more. Topping the list was "other financial investment activities" at $87,890, followed by automotive equipment rental at $87,220.
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Locations
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The states that employed the largest numbers of mortgage brokers were California, Florida, Texas, New York, and Illinois. Annual mean wages in these states ranged from $57,780 in Florida to $104,230 in New York, which was the highest-paying state for mortgage brokers as of May 2010. Rounding out the highest-paying states were the District of Columbia, California, Washington and New Jersey. The top-paying metropolitan area for mortgage brokers was New York, with a mean annual wage of $119,610.
Considerations
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The bureau reports that it expects employment for loan officers to grow by 10 percent through the year 2018. However, prospective mortgage brokers should take note that slow real estate markets may negatively affect employment opportunities. Conversely, a strong housing market results in a need for more mortgage brokers. Earning a professional designation, such as the Certified Mortgage Banker credential awarded by the Mortgage Bankers association, can better job prospects for as aspiring mortgage broker.
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References
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