How to become a mortgage broker

New book discusses ins and outs of the business

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If you think you might enjoy earning an above-average income helping home buyers and homeowners obtain mortgage money, "Your Successful Career as a Mortgage Broker" by longtime mortgage broker David Reed explains the details. According to Reed, the average mortgage loan officer earns $76,000 per year, but those who make it to the top 5 percent of the industry earn more than $360,000 annually. This career-planning book explains the three primary types of mortgage lenders: bank loan officers, mortgage bankers and mortgage brokers. Bank loan officers work for banks, savings associations, credit unions and other direct lenders. Mortgage bankers work for direct mortgage lenders who usually sell their newly originated mortgages into the secondary mortgage market. Purchase Bob Bruss reports online. But mortgage brokers act as wholesale middlepersons between borrowers and the actual lenders who are usually banks, savings associations or mortgage bankers. Reed has worked for all...