Are you looking for a new career? You may want to think about becoming a mortgage broker or loan officer, or sell useful products to the existing brokers and loan officers.
If you type Mortgage Broker or Loan Officer in your search engine, you will find links to thousands and thousands of websites. This is because Mortgage Brokers and Loan Officers provide a much needed service to the public. They take applications for mortgage loans from prospective homebuyers, and help the buyers find the right loan. If you ever applied for a mortgage loan for the purchase of a home, you worked with a broker or loan officer.
A mortgage broker works on his/her own bringing a borrower and lender together for the purpose of a mortgage loan. Brokers are quite often real estate agents in addition to working as a mortgage broker. According to the Mortgage Bankers Association of America, there are approximately 40,000 mortgage brokers in the U.S.
The mortgage loan officer is an employee of a mortgage company, bank, or other mortgage lending institution. The U.S. Department of Labor reports that mortgage loan officers earned between $30,000 and $100,000 in 2005. However,...
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