The mortgage industry accounted for $ 1,815,949,279,000 in loan transactions in 2004. That’s one trillion, eight hundred fifteen billion, nine hundred forty-nine million, two hundred and seventy-nine thousand dollars … in one year!
Mortgage brokers average a commission greater than 1% on each transaction … so a conservative estimate is $ 18,159,492,790 for the mortgage industry in commissions last year. Eighteen billion is a lot of money for everyone.
Consider a profession that doesn’t require any formal education but offers more than six-figure earning potential to any broker who wants it.
This is how the business works …
A mortgage broker acts as an intermediary 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 share of every loan they close.
The advantages of this profession are almost limitless. Once you’ve reached a high level of monthly income from your mortgage commissions, you can move to other areas of the business and earn huge amounts of money.
Buying second mortgages, financing choice loans yourself, and buying real estate investment properties are just a few examples of the expansion opportunities that are available to successful mortgage brokers.
If you are ambitious and want to become a real rich man, this industry will provide you with every opportunity to do so.
However, the mortgage industry requires you to master three important skills before it can reward you with success.
You have to be able to sell.
Ultimately, it is a personal matter. You will be dealing with people every day. Know how to relate to all kinds of people to ensure that they feel comfortable during an unfamiliar and very
important process is vital. Selling skills are essential to your success as a mortgage broker.
Previous sales experience is helpful but not necessary. Regardless of your sales skill level, you must commit to continually learning all you can about sales.
You must understand loan processing.
Loan processing is an exercise in bureaucracy management. It takes patience and a different mindset than you need when dealing with your clients. Strive to do it personal
Relationships with decision makers at your favorite lenders … will pay off in concrete, financially measurable ways.
The best way to establish yourself as a professional is deep and expert knowledge. Study the loan process from start to finish and really know the ins and outs of financing a loan. It will give you information and insight into the business that will allow 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 potential customers to sell to. It is marketing that attracts prospects. His mortgage business, in fact … all businesses, depend on him for their survival.
But marketing can do a lot more for you than help you survive. If done carefully, methodically, and scientifically, marketing can boost your mortgage business to levels of financial success you never dared imagine.
Effective marketing can turn a mortgage business into a source of income … sales and loan processing can’t. The greatest success in the mortgage business can be achieved faster by mastering
art and science of mortgage marketing.
This is a great industry. Offer all the opportunities you could want. True wealth awaits those who apply proven methods to their mortgage business.
