How To Become a Mortgage Broker
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. Download your free copy of the mini-eBook "How To Become a Mortgage Broker". Gain valuable insights into the mortgage industry. Learn veteran mortgage broker techniques and strategies that are making successful brokers millions in commissions right now. Download "How To Become a Mortgage Broker" for free at http://www.TheMortgageBrokerBook.com/freebook.htm
|
|
|
|
RELATED ARTICLES
Job Interview Preparation - What Employers Are Looking For
When an employer decides to conduct an interview with you, there are certain things that they are looking for from you. Naturally, you are likely to focus on these things during an interview, but you should remember all of the tips in this manual because following those tips is what is going to make the employers see all of those things in you.
How to Prepare for A Performance Appraisal
Performance appraisal should be treated as an ongoing developmental process rather than a formal once-a-year review. It should be closely monitored by both employee and reviewer to ensure that targets are being achieved. By preparing yourself diligently and demonstrating a willingness to co-operate with your reviewer to develop your role, you will create a positive impression.
Using Your Whine Factor
Brian's work was exceptional. Still, as his boss, I rarely offered him additional responsibilities, never thought of promoting him or selecting him for a critical project. Why? His whine factor got in the way.
Â
He was quick to complain to anyone who'd listen how much work was on his plate, or how hard or how late he worked. His whine factor was a protective shield that insured he didn't get more work to do. But, it also shielded him from getting the opportunity filled assignments, more interesting work, and the highest pay raises.
Â
Stephanie was a different story. She was masterful at weaving vivid details with a precision that explained exactly why the expected outcome didn't happen. This week it centered on a miscommunication, last week it was the delayed delivery, or the reduced advertising, an incompetent supplier or a staff illness. Every story was accurate; every reason plausible; every explanation justifiable; always a good reason why she couldn't deliver the promised quality, precision or timeliness.
Â
As her boss, it took me time to realize that Stephanie's accountability decreased each time her whine factor increased. As she became more entrenched in offering reasons why something didn't happen, she became less personally involved in the actual results.
Â
I've seen the whine factor derail projects and people in my twenty years in management. Whining shifts a mindset from can do to can't do, allows potholes to become sink holes, turns challenges to complaints and reframes opportunities into woe is me.
Â
You can use your own whine factor as a barometer to keep you on track. If the factor is high, be alerted that your actions are, most likely, becoming less accountable. That should signal you to tune into what you can personally do to control, adjust or correct the current course so you can deliver the expected results. I think that point is worth repeating because it differentiates performance in significant ways. If you want to control the outcome, you'll need to get your hands a bit calloused along the way.
Â
Learning to listen to your whine factor is a helpful self-feedback mechanism to guide you towards greater accountability and winning at working behaviors. Less whine means more accountability. Higher accountability typically means better results. And better results are what most of us are after.
 (c) 2004 Nan S. Russell. All rights reserved.
Powerful Phone Interviews
Phone interviews are de rigueur with many organizations.
Job Interviews: What to Wear
It takes between seven and seventeen seconds for a person to make an impression of us and much of that impression is based on how we look. It stand to reason, then, that what we wear to job interviews will make a far greater impact on our success than anything we're likely to say once those first crucial seconds have passed.
Work at Home Jobs Vs Self Employment
Work at Home Jobs vs Owning a Home Based Business
Getting Started: 5 Things You Need to Decide When You Get Started with a Job Search
There are few things more frustrating for a headhunter than asking a person basic questions that revolve around what you as a job hunter are looking for in a job and being given uncertain answers. I'm not talking about salary; that's a question where a wise person states a target objective and is flexible enough to let the market decide their value.
Hunting the Executive Head Hunter
5 tips to win over an executive head hunter or management recruiter
Your Attitude Is Screaming
There is more attitude around than the 'traditional 'positive / negative attitude. This issue's topic will expose you to the other kind of attitude. You will also learn about the significant role attitude in the making your world go round!
Are You Taking Your Inner Brat to Work?
Is your inner brat taking over your job? Everyone has an inner brat. It's the part of us that's still a 2-year-old. It gets furious at the slightest inconvenience. It feels entitled to get what it wants when it wants, and complains when things don't go its way. Your inner brat not only makes you miserable, it makes work unpleasant for everyone else.
What Is Your Greatest Weakness?
The fastest way to make a good interview go bad is to avoid questions posed by the hiring manager. The one question candidates love to avoid is, "What is your greatest weakness?" Most candidates are quick to respond with superficial answers such as "I'm a workaholic" or "I'm a perfectionist." Not only are those responses boring, but they are also predictable answers interviewers are used to hearing. So much so that an interviewer's comeback line often is, "That doesn't sound like a weakness. Now why don't you tell me about a real weakness?"
How to Become a Real Estate Agent
If you're wondering how to become a real estate agent, the basic process is fairly simple, although it does vary a lot from state to state.. You will need to take classes, pass exams, earn a real estate license, find a broker to work for, then find sellers or buyers as clients.
Networking is the Key to Star Performance in Everything You Do.
Many people's idea of networking relates to the 'size of their Christmas Card List, rather than the quality of their relationship with each person on that list. Similarly those people network, but few reap the rewards of zeroing in on their potential. Here are some ideas to help fill the gap between where you are now and where you can be.
Common Résumé Mistakes
Using a general résumé.
Becoming A Police Officer Just Became Easier
As many law enforcement candidates can vouch for, taking the police entrance exam can be a stressful and highly competitive experience. I decided to research some preparation web sites and purchased several E-books on the topic to get a better understanding of what it takes to become a police officer. One thing that I quickly realized was that there were plenty of sources of material available for anyone seriously interested in a future in law enforcement.
Negotiate Better Job Offers with This Twelve-Point Checklist
You've been through an employer's interview process successfully and have now been extended a job offer. And you think the offer could be better. If that's the case, read on to find out cutting-edge strategies that'll help you negotiate a better deal.
Losing a Career When Youre Moving for Love
Those who watched HBO's Sex and the City (SATC, now available on DVD) know the last eight episodes were less about sex and more about city. And the last three episodes, taken together could serve as a case study for a decision faced by many clients Should I follow my heart or hang on to my job?
Petite Modeling: What Should You Wear to Your First modeling Photo Shoot?
If you're looking into making the petite modeling industry your career and are wondering what you should bring to your first photo shoot then this article is for you.
Job Search Blurts
I coined this word to draw attention to the nervous and apprehensive way of saying something in the job search that makes you feel like a buffoon. A "blurt" is a catchy way of saing: Gaffe.
How to Give Job-Winning Answers at Interviews
Human Resources personnel, professional recruiters and various other career experts all agree: one of the best ways to prepare yourself for a job interview is to anticipate questions, develop your answers, and practice, practice, practice.
|