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 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 business works...
A mortgage broker acts as middle man between a borrower and a lender. The broker bridges communication gap between technical requirements of lender and non-technical demand of borrower. And here's 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 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 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.