Mortgage Broker Earning 692k per year

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Mortgage Broker Earning 692k per year

Lititz, PA · Member since 2013 · 595 posts · 272 votes

I just happened to watch a youtube video where they interview woman who earn different salaries and ask them what they are saving for. One who is a mortgage broker was listed as earning 692k. Is this an exceptional salary for a mortgage broker? What type of products/experience are necessary to earn this much as a mortgage broker?

if you search these words in youtube you can see the video: Women with Different Salaries on What They're Saving For

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Diane G.

CA · Member since 2016 · 1k+ posts · 1k+ votes

@William Coet

My mortgage broker does $400M to $800M each year for the part 15 years...

She owes 4 houses out right for a total value of $22M.... so she makes way way way more $600K a year

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Account Closed
Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
6y
Originally posted by @William Coet:
I just happened to watch a youtube video where they interview woman who earn different salaries and ask them what they are saving for. One who is a mortgage broker was listed as earning 692k. Is this an exceptional salary for a mortgage broker? What type of products/experience are necessary to earn this much as a mortgage broker?

if you search these words in youtube you can see the video: Women with Different Salaries on What They're Saving For

If it is a mortgage broker with a whole lot of loan originators under them, perhaps. Being a mortgage broker for that kind of money means you are an employer and took years to build your business and put in some very long hours for several years. Ask the question "How is your family life?" If they say "Great" they are either in denial or lying or the mortgage business IS their family.
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Diane G.
CA · Member since 2016 · 1k+ posts · 1k+ votes
6y
@William Coet
My mortgage broker does $400M to $800M each year for the part 15 years...
She owes 4 houses out right for a total value of $22M.... so she makes way way way more $600K a year
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
6y
Originally posted by @William Coet:
I just happened to watch a youtube video where they interview woman who earn different salaries and ask them what they are saving for. One who is a mortgage broker was listed as earning 692k. Is this an exceptional salary for a mortgage broker? What type of products/experience are necessary to earn this much as a mortgage broker?

if you search these words in youtube you can see the video: Women with Different Salaries on What They're Saving For

It's a sales job. One must be exceptional at sales, lead generation and marketing. Same thing with being a Real Estate Agent or Car Salesman. Income potential is unlimited......But you've gotta be damn good to make that much money.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @Diane G.:
@William Coet
My mortgage broker does $400M to $800M each year for the part 15 years...
She owes 4 houses out right for a total value of $22M.... so she makes way way way more $600K a year
kind of a under the radar income situation .. and it amazes me on BP how many people dont understand the income potential ( especially in high priced markets). 250k to over a million is very common in that industry.. its all about having your realtors feed you deals if your good and close loans with no hiccups your realtors will stick with you for decades. And if you own a fair size mortgage company its private jets and super bowl trips.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @James Wise:
Originally posted by @William Coet:
I just happened to watch a youtube video where they interview woman who earn different salaries and ask them what they are saving for. One who is a mortgage broker was listed as earning 692k. Is this an exceptional salary for a mortgage broker? What type of products/experience are necessary to earn this much as a mortgage broker?

if you search these words in youtube you can see the video: Women with Different Salaries on What They're Saving For

It's a sales job. One must be exceptional at sales, lead generation and marketing. Same thing with being a Real Estate Agent or Car Salesman. Income potential is unlimited......But you've gotta be damn good to make that much money.
Jim its big money on the west coast were average loan size is say 400 to 700k.. And if you own the mortgage company and have a bunch of reps you can easily make 7 figures. You need the ability to have your own LOC's though so you can table fund when needed.

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Diane G.
CA · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Jay Hinrichs
This woman I was talking about actually works for Wells Fargo... She has a small "Wells Fargo Mortgage" office of 5-7 assistants, and does between $400M to $800M a year....Average loan size here, I am guessing, $1M?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @Diane G.:
@Jay Hinrichs
This woman I was talking about actually works for Wells Fargo... She has a small "Wells Fargo Mortgage" office of 5-7 assistants, and does between $400M to $800M a year....Average loan size here, I am guessing, $1M?
I have a good friend that is a wealth Manager up in Napa works for Wells and I know he does VERY good.

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Chris MasonPro Member
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Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
6y
Originally posted by @William Coet:
I just happened to watch a youtube video where they interview woman who earn different salaries and ask them what they are saving for. One who is a mortgage broker was listed as earning 692k. Is this an exceptional salary for a mortgage broker? What type of products/experience are necessary to earn this much as a mortgage broker?

if you search these words in youtube you can see the video: Women with Different Salaries on What They're Saving For

I'm going to use the term "loan originator" in this post since hereunto in this thread everyone is using mortgage "banker" and mortgage "broker" interchangeably. The general catch-all term that would include both someone like me, and someone at a big bank, or Quicken, is "loan originator."

That income level would put her somewhere in the top 1% (good for her!), if that's stuff that she is personally originating (inclusive of assistants being the ones doing the clicking on the computer screens... at her income level I wouldn't be surprised if she doesn't even know how to personally pull someone's credit! And good for her if that is the case).

If you're going to be in that top 1%, and have the personality disposition to do either (I do not, hate driving, weak sense of aesthetic, tell me the kitchen "feels too cold" and my response would be to turn up the thermostat), Realtors at that level out-earn loan originators.

At lower production levels and otherwise similar career stages, loan originators tend to out-earn Realtors due to better economy of scale (no driving people all over town = 4x to 10x the per person capacity). Loan originators also tend to have higher incidences of stress-induced life implosions, a lot of times they go become Realtors due to the lower stress level (3 or 4 of my Realtor partners are former LOs). New loan originators also have higher rates of failure during that first two years, compared to Realtors.
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