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Mortgage Brokers Articles Summary
Become a Mortgage Broker
In the mortgage business there are two foundational areas of involvement. One is the position of "loan officer," the other is working as a "mortgage broker."
The Loan Officer
The loan officer for the most part earns from what is called "personal production," which means you are earning from what you are able to personally produce by bringing mortgage business into your employer's office. In some cases you may be paid a base salary and/or draw, but then you will be paid less in commissions by the company (broker) you are working for.
The Mortgage Broker
The mortgage broker is the most potentially lucrative area of involvement for you. Most people start out in the mortgage business by working as a loan officer, gaining experience and expertise, and later they consider opening their own shop in order to become a mortgage broker. This can be frustrating for the mortgage broker who is training loan officers, because they are continually losing their best loan officers and creating their own future competition.
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