The mortgage industry contributed $1,815,949,279,000 in loan transactions in 2004. That’s one trillion, eight hundred and fifteen billion, nine hundred and forty nine million, two hundred and sixty nine thousand dollars… in one year!
Mortgage brokers average better than 1% commission on every transaction… so a conservative estimate for the mortgage industry is $18,159,492,790 in commissions last year. Eighteen billion is a lot of money to go around.
Consider this a profession that requires no formal schooling, yet offers six-figure plus income potential to any broker who seeks it.
Here’s how the business works…
A mortgage broker acts as an intermediary between a borrower and a lender. The broker bridges the communication gap between the technical requirements of the lender and the non-technical demand of the borrower. And here’s the best part…mortgage brokers get a cut of every loan they close.
The upside to this profession is almost limitless. Once you reach a high monthly income level from your mortgage commission, you can move into other areas of the business and earn larger amounts of money.
Buying second mortgages, choice financing self loans and buying real estate investment properties are just a few examples of expansion opportunities that are available to successful mortgage brokers.
If you are ambitious and really want to become rich then this industry will give you every opportunity to do so.
However, the mortgage industry requires that you master three critical skills before rewarding you with success.
You must be able to sell.
It is ultimately a personal business. You will deal with people every day. To know how to relate to all kinds of people, to make sure they are an unfamiliar and very comfortable
Process is important. Sales skills are essential to your success as a mortgage broker.
Prior sales experience is helpful but not essential. Regardless of your sales skill level, you must continually commit to learning everything you can about sales.
You need to understand loan processing.
Processing a loan is an exercise in navigating a bureaucracy. You need patience and a different mindset when you deal with your customers. try to make it personal
Relationships with the decision makers at your preferred lenders… This will pay off in tangible, financially measurable ways.
The best way to establish yourself as a professional is to have thorough expert knowledge. Study the loan process from front to back and really learn the ins and outs of loan financing. This will give you insight and perspective on the business which will enable you to provide better service, faster closing and a smoother process to your customers.
You have to use effective marketing.
Without effective marketing you will have no chance of selling. It is marketing that brings in prospects. Your mortgage business, in fact… all businesses, depend on it for their existence.
But marketing can do much more than just help you survive. If done carefully, methodically and scientifically, marketing can take your mortgage business to a level of financial success you never imagined possible.
Effective marketing can turn a mortgage business into a cash cow… sales and loan processing can’t. The greatest success in the mortgage business can be achieved the fastest by mastering the mortgage business
The Art and Science of Mortgage Marketing.
This is a great industry. It provides all the opportunities you could ever wish for. True riches await those who apply proven methods to their mortgage business.