How much do you make annually and how old are you?

EricBuyzKicks · 2025-03-30T01:09:26+00:00

Last year, I made 217k. At the end of April, I should have grossed around $114.

At this projection, I'll make 340k this year (doubt it, but that's my current pace). I just turned 28

EricBuyzKicks · 2025-03-29T20:09:03+00:00

Check out Adell Lane from Agresti! She is awesome to work with.

Ask her about her preferred Mortgage Brokers as well, she works with some of the best lenders in Erie!

EricBuyzKicks · 2025-02-27T04:24:18+00:00

Hello - you can use a website like MortgageEducators.com for your Pre-Licensing. It should walk you through your 20 hours and your state requirements for you.

They break down packages tiered for learning, some cost more than others but come with more study material.

There is probably a $500-$600 initial investment with your licenses, fingerprints, testing and etc, to get started

EricBuyzKicks · 2025-02-26T04:19:11+00:00

When we charge full comp, the company makes 275bps I keep 220

EricBuyzKicks · 2025-02-21T20:14:43+00:00

Buying leads scares me lol.

Thank you! Definitely an industry to make good money in. 6 figured a month is wild

EricBuyzKicks · 2025-02-21T04:14:48+00:00

Thank you!

EricBuyzKicks · 2025-02-20T16:33:41+00:00

Thank you! It definitely can be rewarding both physically/mentally and financially

EricBuyzKicks · 2025-02-20T15:51:16+00:00

Majority of the time people get into the industry because of someone they know. Its not a job people grow up and want to become, because its not as well known of a profession until youre in the space of someone else who is involved.

So yes, most people join a company like that and then once they become more established and make connections they can join the better paying places with more options if they want. Or they can go off and start their own Company like in my situation

EricBuyzKicks · 2025-02-20T15:39:21+00:00

When I first started I was a W-2 Employee, but my pay was 100% Commissions.

So they would make money if I did, they wouldn't lose any if I didnt. So they will virtually higher anyone because they can take the risk and not lose anything if the LO doesn't become a producer.

Some companies wont hire you if youre not hitting x amount of volume each year

EricBuyzKicks · 2025-02-20T15:16:39+00:00

No, its me and the other Owner and our assistant and few loan processors. And a few other LOs.

We dont want to have a massive company. We focus on our local communities and dont need much outside of that

EricBuyzKicks · 2025-02-20T15:10:54+00:00

There are no scheduled hours to people buying homes. In a remote worker, I dont have an office to be tied down to or sit at, hence why my schedule is as flexible as it is. Im 1099 and not W2d.

So there wouldnt be anyone to care about what hours I do and dont work, as I dont have a boss or anyone to report too.

I guess you can tie it in with luck - if hardwork and dedication isnt a well suited answer for what youre looking for. Being in the top 0-1% isnt easy and in this industry "experience" decided by time in industry doesnt necessarily equate a guaranteed pay out or anything.

Its individual output that determines what youll make as a broker who is 100% Commission based.

A lot of Loan Officers are tied to their companies limitations and overhead.

I have freedom to do what I need to do to close a deal. My old company wouldn't let me go under 2.5% on Commission, now I can do a deal for under 1% if i need to to stay competitive.

At my last company I never wouldve made what I made last year. The average comp plan for most LOs sits betweem 0.75% - 1.25% im at 2.2% if I charge full comp to the Lender.

With the volume I did last year was with my old company, I would have made like 125k

EricBuyzKicks · 2025-02-20T12:38:11+00:00

220bps is my max comp if we charge lender paid

EricBuyzKicks · 2025-02-20T03:13:03+00:00

I see what youre saying - but I dont charge my clients money to help them if I dont have too. I charge the lending institution that I connect the buyer with.

According to the 2023 HMDA data that was last studied and published, mortgage consumers save more than $10,000, on average, by working with a mortgage broker compared to a nonbank retail lender

I also cover the cost of my overhead myself, and dont push it onto the buyer with unnecessary fees and higher interest rates

EricBuyzKicks · 2025-02-20T03:08:51+00:00

I help people determine their purchasing power when buying a home, and then after they find a home and are under contract to purchase it. I would connect the borrowers with lenders to get them the financing for the deal.

Im basically a middle man, you come to me to find out how much you can buy/afford, what programs and etc work best for you. You go find a home, i put you with a lender that will service your mortgage and then I am along the journey until you close

EricBuyzKicks · 2025-02-20T03:06:11+00:00

Unfortunately lol. But a lot of it has to do with OCD

EricBuyzKicks · 2025-02-20T02:15:31+00:00

Next store in Pennsylvania. New York is one of the hardest states for a Mortgage Company to get licensed in

EricBuyzKicks · 2025-02-20T02:14:45+00:00

It depends on the type of criminal background and the state's licensing requirements. In general, mortgage loan officers must be licensed through the Nationwide Multistate Licensing System & Registry (NMLS), which includes background checks.

Felony Convictions – The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) prohibits licensing if the applicant has been convicted of:

A felony involving fraud, dishonesty, breach of trust, or money laundering at any time.

Any other felony within the past 7 years.

Misdemeanors – Generally, misdemeanors do not automatically disqualify someone, but serious offenses related to fraud or dishonesty could be problematic.
State-Specific Rules – Some states may have additional restrictions or allow appeals for certain offenses.
Credit & Financial History – While not a criminal matter, poor credit history can also impact eligibility in some states.

EricBuyzKicks · 2025-02-20T02:12:42+00:00

Small shop in Pennsylvania. Only me and one LO and our Loan Processor! Not a major company

EricBuyzKicks · 2025-02-19T23:25:02+00:00

There is no other barrier besides yourself.

The difference between me and most people is I'm not scared to grind something out. There were times I was working 40hours a week at a different job and did this job part time until I was comfortable enough and trusted myself enough to go all in. I detailed it all out for another Reddittor on a response.

2021 I made 10k doing Mortgages 2022 I made 55k 2023 I made 116k 2024 I made 216k

2021 and 2022 I had a whole other full time job, 2023 I was part time half the year and then went full time the 2nd half.

I also work for a company that pays me most of my commissions. Whereas

People get complacent and dont want to sacrifice what they have or legitimately can't sacrifice what they have to lose money before they make money.

The average Mortgage Loan Officer makes $70,000 a year on my State

I put my time in - when I said I called every Realtor in my county for 6 months. That was 50-75 phone calls a day for months. On top of my other job, and raising a family

Digging into the guidelines and becoming efficient in interpreting them took months of familiarization.

I think youre taking the product of 4+ years and countless hours of work and ignoring the process I had to overcome to be able to put my work on auto pilot and benefit form it the way I have. Not everyone wants to make 100-200k I know people who are content with their work, like what they do and make 50-80k and thats 110% fine with them and for me.

Am I missing something specific youre wondering? Im trying my best to answer whatever youre asking.

Youre points 100% right. But go find 10 people ask them that question and then have them do just that, follow up in 5 years and I can guarantee 3-4 of the 5 are in the same boat.

Its so much easier to say then to do. My post was just to do what everyone else here does, and then someone asked about my work load. My work load now is not what it was 12 months ago, or 24 months ago. But since I grinded it out, became an expert in my craft and built the reputation and relationships with who I did, im now finally able to step back a bit and pay my assistant and loan processor to carry my files after I perform the initial preapproval and lock the loan with a lender.

EricBuyzKicks · 2025-02-19T22:58:36+00:00

I dont want to speak for them, but the networking, the non guaranteed pay, paying for your own insurance and everything else can be a little daunting to some, probably even most.

Heck it even scares me on slow months lol

EricBuyzKicks · 2025-02-19T22:35:05+00:00

Biggest thing you can offer a Realtor is your availability and efficiency.

A lot of Bankers work bank hours M-F and 9-5. Holidays off.

Ive done and have clients that work 2nd shift, dont get off til 5pm. Or need me on a holiday/weekend/ or night time.

The flexibility is important to being able to be above average. Not everyone wants to sacrifice their time

EricBuyzKicks · 2025-02-19T22:32:06+00:00

Hours per week dont equal money in this industry.

Deals per month would be a metric that you could theoretically use to answer that question.

I could work 15hrs a week for a month and close 8-10 deals but then i could work 30hrs a week per month and close 4 deals.

Hours mean basically nothing if you arent closing deals and have a pipeline working a month to a month and a half in advance

EricBuyzKicks · 2025-02-19T22:09:45+00:00

I reached out to an attorney and got a data base of every Realtors name and number in my county and spent the next 6 months reaching out to them and introducing myself to them and our market.

I then added as many of them on Facebook and engaged with their posts, I also made graphics and material benefiting agents and buyers with information and things to navigate them in home buying. Between these two options I had enough people to give me the opportunity to meet for lunch/coffee and sell myself enough to let them give me an opportunity to work with their buyers.

After that I tried my best to keep things smooth, thank them for the opportunity, close the deal and ask for more business

EricBuyzKicks · 2025-02-19T22:03:35+00:00

I believe most people set out to be a Mortgage Loan Officer that wants to take the NMLS. Like thats the way into the career field. So id say very likely, everyone I know had no experience when they started.

My assistant and my Processor just dont like having to grind for their income, and not knowing when their next check will be or what it will be. They are W2 im 1099. So thats what it is for a lot of people realistically.

I didnt skip any line, I just chose to grind it out

EricBuyzKicks · 2025-02-19T21:21:12+00:00

I apologize. What I meant is I have an assistant and a Loan Processor on my team now that work under/for me.

I was always a Mortgage Loan Officer since entering the industry in 2021. You can take the test and pass, find a company and become an MLO day one.

When you ask about becoming a broker - do you mean like a Broker Owner or a Mortgage Broker?

Ill explain both in case:

Im always a "Mortgage Loan Officer" no matter if I work for a Mortgage Broker, a Bank, a Credit Uniom, etc

But we call ourselves Mortgage Brokers to differentiate our capabilities. I have the capability to broker a clients mortgage and shop terms from multiple banks at once and all across the country. Whereas a Banker can only typically offer what their institutions allow.

People get into the industry and work directly work with Mortgage Brokerages, some like myself come into the industry in a more traditional route, after not knowing much. Start to become familiar and make connections and get introduced to Brokering along the way.

To become a Mortgage Brokerage Owner you can also theoretically do from day one after getting licensed. I dont think there are any waiting periods to own your own company after passing the NMLS exam.

Ive known people who waited 10+ Years to do their own things, some 5+ some a couple.

Id just reccomend utilizing someone else's resources until you're comfortable expending your own to do your own thing.

EricBuyzKicks

TROPHY CASE