Start a licensed mortgage broker business

Home buyers and refinancing homeowners, with the broker's pay coming from the lender or the borrower depending on how the loan is structured.

Commission on each closed loan, shared with the brokerage if you work under one. Income depends on closings, so it can vary a lot month to month.

• Explaining complex terms simply
• Careful attention to detail and paperwork
• Sales and relationship building
• Working with realtors and title companies

• Mortgage originators generally need a state license and NMLS registration, so check your state regulator before you start
• Strict federal and state rules on disclosures, advertising and compensation, so check compliance with your sponsoring brokerage
• Fees for licensing, credit reports, background checks and possibly a surety bond or net worth requirements
• Interest rate swings can slow business, so plan for lean months

Startup costs are typically around $1,500 to $6,000, depending on your state, licensing fees, credit reports, background checks and any surety bond or net worth requirements. Treat this as an estimate and confirm current fees with your state regulator.

Monthly revenue is typically around $2,000 to $10,000, depending on how many loans close and how your pay is structured. Interest rate swings can slow business, so it makes sense to plan for lean months.

Mortgage originators generally need a state license and NMLS registration, so check your state regulator before you start. Also check federal and state rules on disclosures, advertising and compensation with your sponsoring brokerage.