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The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That’s a 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 for the mortgage industry in commissions last year. Eighteen billion is a lot of money to go around.
Consider a profession that requires no formal schooling yet offers a six-figure income potential to any broker who wants it.
This is how the company works…
A mortgage broker acts as an intermediary between a borrower and a lender. The broker bridges the communication gap between the lender’s technical requirements and the borrower’s non-technical question. And here’s the best part…mortgage brokers get a discount on every loan they take out.
The benefit to this profession is almost unlimited. Once you reach a high monthly income level from your mortgage commissions, you can move to other areas of the business and make huge amounts of money.
Buying second mortgages, self-financing optional loans and buying investment properties are just a few examples of the expansion opportunities available to successful mortgage brokers.
If you are ambitious and really want to get rich, this industry offers you every opportunity to do that.
However, the mortgage industry requires you to master three key skills before it will reward you successfully.
You must be able to sell.
This is ultimately a personal matter. You deal with people every day. Knowing how to deal with all kinds of people to make sure they feel comfortable during an unknown and very
important process is essential. Sales 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 continuously learning everything you can about selling.
You need 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 dealing with your customers. Make the effort to make it personal
Relationships with decision makers at your favorite lenders… it will pay off in concrete, financially measurable ways.
The best way to profile yourself as a professional is through thorough professional knowledge. Study the loan process front to back and really learn the ins and outs of financing a loan. It gives you insight and perspective on the business, allowing you to provide better service, faster closures and a smoother process to your customers.
You have to use effective marketing.
Without effective marketing, you have no prospects to sell to. It’s the marketing that brings in prospects. Your mortgage business, indeed… all businesses depend on it for their survival.
But marketing can do a lot more for you than help you survive. If done carefully, methodically and scientifically, marketing can take your mortgage business to financial success that you could never have imagined.
Effective marketing can turn a mortgage company into a cash cow… sales and credit processing can’t. The greatest success in the mortgage industry can be achieved most quickly by the art and science of mortgage marketing.
This is a great industry. It offers all the opportunities you could wish for. Real wealth awaits those who apply tried and tested methods to their mortgage business.
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