Commission rate/average income for a "Mortgage Specialist"?

[tedstriker]

Anyone know? curious about what these guys make as they are 100% commision. Must be a tough way to make a living right now...or not?!?!? let me know if you know.

[Skyline_Addict]

That's a hard question to answer. It depends on where you're drawing your sample. Being 100% commission, the good guys make alot...the not so good guys make nothing. If you're one of the good guys, you can expect 6 digit salaries.

[tedstriker]

Thanks for the reply. I was wondering what the approx. commision rate would be, something like:

$1,000,000 of mortgages in one month
.5-1% - so monthly income of 5k-10k?

I'm sure thats ccompletely wrong, but that the info I'd like to know more about. Is this considered a lower level entry level job, or is it actually possible to make decent $$?

[s2k_boi]

It would totally depend on the company pay out structure and how much discount is given of the rate. If you go below a certain point it maybe a flat rate of $x or I heard of instances where you can get negative pay if you don't have proper approval for the rate given.... This is what I know thru people doing mortgages. Hope this helps as it's still vague.

[Masked Bandit]

I don't know of specifics but I do know that the guys that are half decent at it and are in it as a long term career, not a J.O.B. make WELL into six figure range. If you can hang on for the first five years it starts to snowball. It's not the guys that call you for the first mortgage, it when they call for renewal / refinancing.

[dezmarez]

50 Basis points of the mortgage amount.

so $300,000 will get you $1,500.

$1,000,000 will get you $5,000.

[Pacman]

I've got a cousin who makes around $45k/year as a broker, and a good friend who makes close to $500,000k/year.

It's the same as real estate agents....... some will starve, most will earn a decent living and a few will make huge money.

[A790]

1% I believe is the standard rate.

[Weapon_R]

It's around .5-1% of the mortgage, but what you're forgetting is that your repeat clientele can make a huge difference. If you sign up your clients every 5 years when the mortgage renewal comes around, you start to see a steady income over time.

[tedstriker]

Anyone know the differences between commission rates for a mortgage broker vs mortgage specialist?

[civicHB]

I think mortgage specialists make 55 basis points, but it varies from 70+ basis points for mortgage brokers.