Refinancing Home Mortgage
In: Mortgage Lending
7 Mar 2010I’m thinking of taking all of the training to become a mortgage broker and am wondering how much of a “salary” I can expect. Also if anyone knows how to get recognized by all of the banking institutions that would be great too.
Thanks
This is about mortgage information questions.
1 Response to In Ontario, Canada how much does a Mortgage broker get on average in fees from the lending institution?
Ed Atun
March 7th, 2010 at 2:26 pm
If you work as a mortgage broker for an independent company you can make .5% of the loan amount. For a short time this was as high as 1.75% but it has fallen since 2006.
If you work for the big institutional banks, you will begin in their Phone Centers. You will get a salary instead of a commission. That is because the phone calls are all generated by the bank; not by your personal efforts. Most of those callers want to refinance. You get $30,000 a year.
You can’t get recognized unless you become a superstar mortgage originator. Then everyone will bid for your services..