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Mortgage/refinance business

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Oct 20, 2005 4:06 pm

I'm shopping for mortgage, and talked to this mortgage broker today who practically was begging me to stop shoopping and give him business. Which makes me wonder about the compensation of mortgage brokers...

Do mortgage brokers make a killing with each loan, like insurance agents do with annuities?

How much commission is generated by a, say, $600K loan??

Oct 20, 2005 5:01 pm

I can get you a deal so come and see me…

From what I know its big bucks… I mean there is a lot of commission… Of course its based on different things but, I would suspect one could make at least 20k on 600k mortgage… Maybe this is to much, but for sure over 10k…

Oct 20, 2005 5:05 pm

Are the adjustable mortgages higher paying for the broker?

I know our commissions, but what is the general amount for 100k loans.. 2.5%??

Oct 20, 2005 8:11 pm

I think it is 50 bps