The mortgage industry accounted for $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 seventy nine thousand dollars...in one year!
Mortgage brokers average better than 1% commission on every transaction...so a conservative estimate is $18,159,492,790 to the mortgage industry in commissions last year. Eighteen billion is a lot of money to go around.
Consider a profession that doesn't require any formal schooling yet offers a six-figure plus income potential to any broker who wants it.
Here's how the business works...
A mortgage broker acts as the middle man 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 for this profession is nearly unlimited. Once you've reached a high monthly income level from your mortgage commissions you can move into other areas of the business and make huge amounts of money.
Buying second mortgages, funding choice loans yourself and buying real estate investment properties are just a few examples of the opportunities for expansion that are available to successful mortgage brokers.
If you're ambitious and want to become truely wealthy this industry will afford you every opportunity to do so.
The mortgage industry does, however, require that you master three important skills before it will reward you with success.
You have to be able to sell.
This is ultimately a personal business. You will be dealing with people every day. Knowing how to relate to all kinds of people to make sure they are comfortable during an unfamiliar and very important process is vital. Sales skills are essential to your success as a mortgage broker.
Prior sales experience is helpful but not necessary. Regardless of your sales skill level you should commit to continuously learning everything you can about sales.
You have to understand loan processing.
Processing a loan is an exercise in navigating a bureaucracy. It takes patience and a different mindset than you need when you deal with your clients. Put in the effort to make the personal relationships with decision makers at your favorite lenders...it will pay off in concrete, financially measurable, ways.
The best way to establish yourself as a professional is thorough expert knowledge. Study the loan process from front to back and really learn the in's and out's of funding a loan. It will give you insight and perspective on the business that will enable you to offer better service, faster closings and a smoother process to your clients.
You have to use effective marketing.
Without effective marketing you won't have any prospects to sell to. It's the marketing that brings in prospects. Your mortgage business, indeed...all businesses, depend on it for their very survival.
But marketing can do much more for you than help you survive. If done carefully, methodically and scientifically, marketing can propel your mortgage business to levels of financial success you never dared imagine.
Effective marketing can build a mortgage business into a cash cow...sales and loan processing can't. The greatest success in the mortgage business can be had the quickest by mastering the art and science of mortgage marketing.
This is a great industry. It offers all the opportunity you could ever want. True wealth awaits those who apply proven methods to their mortgage business.
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