Job Responsibilities
Brokering Home Mortgages.
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Job Requirements
Licensed Mortgage Broker,
Difficult State Exam,
Requires 24 Hours Class Time and State Exam.
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Uppers
Getting people into a home especially when they think it is impossible.
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Downers
All the time and money spent on borrowers that don't qualify-
especially when they don't disclose information that is important
in obtaining financing.
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Lifestyle
Work hours are generally 50-60 hours a week, mostly days but a couple of
evenings a week. If meeting with a client, business dress, if not, casual
clothes. We do a lot of mailings for applications. Must be willing to accept
rejection and NEVER count your money until the keys are in your clients hands (or
in a refinance- 3 days after)
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Compensation
Varies... I get 50% commission and I usually charge $1,500-$2,500
per loan. Average Broker closes 2 loans per month- good 3-5,
great 5-10.
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Advice to Jobseekers
Prepare for hardships...when you do succeed, put money in
reserves for your dry months. There is a lot of money to be made
but you have to be dedicated and it takes time to build your
pipeline so be prepared to start out slow.....Rewarding job if
you can stick it out!
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