This question is about mortgage broker salaries.

How are mortgage brokers paid?

By Zippia Team - Nov. 16, 2022

Mortgage brokers are paid by either the borrower (client) or the lender (the bank). Unlike loan officers, mortgage brokers don't work directly for a bank, so they are not on a bank's payroll.

Mortgage brokers operate independently and must have a license to provide their services. They charge a fee for brokering mortgages that are either paid by the borrower or the lender.

The fee is generally a small percentage of the loan amount. Most mortgage broker fees are around 1% or 2%. When the fee is paid by the borrower, this percentage can either be paid upfront or added to the loan.

Fees can vary from broker to broker, depending on the size or number of loans. Mortgage brokers are required to disclose all fees upfront and can charge only the fee amount agreed upon with their client or the lender. Each fee is also itemized, and mortgage brokers should be prepared to disclose what each fee is for to the borrower.

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