Mortgage Broker Statistics and Demographics in the US

According to the National Mortgage News, there are approximately 120,000 mortgage brokers in the US. This number has been steadily increasing over the years, with a growth rate of 10% from 2015 to 2020.

The majority of mortgage brokers in the US are independent contractors, with around 70% of them working on a freelance basis. This allows them to work with multiple lenders and offer a wider range of services to their clients.

The top 5 states with the highest number of mortgage brokers are California, Florida, Texas, New York, and Illinois. These states have a high demand for mortgage services, driven by their large populations and growing economies.

On average, mortgage brokers in the US earn around $60,000 per year, although this number can vary widely depending on factors such as location, experience, and the size of their business.

The majority of mortgage brokers in the US are male, making up around 85% of the industry.

Mortgage brokers in the US tend to be concentrated in urban areas, with 75% of brokers working in cities with a population of over 500,000.

Most mortgage brokers have a college degree, with 60% holding a bachelor's degree or higher.

According to the data, women make up 46% of mortgage brokers in the industry.

The majority of mortgage brokers, 55%, are between the ages of 35 and 54, indicating a strong presence of middle-aged professionals in the field.

A notable 23% of mortgage brokers have a high school diploma or equivalent as their highest level of education, highlighting the importance of alternative paths to a successful career.

In fact, 71% of mortgage brokers have some college or a bachelor's degree, showing a strong emphasis on education within the industry.

Interestingly, 62% of mortgage brokers work in urban areas, suggesting a concentration of mortgage brokers in cities and metropolitan regions.

The average age of mortgage brokers varies significantly across different racial groups.

The average age of male mortgage brokers who identify as Asian is 42 years old.

Breaking down the data by gender, we see that female mortgage brokers who are White tend to be older than their male counterparts, with an average age of 46 years old.

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A notable difference is seen in the age of male Hispanic or Latino mortgage brokers, who have an average age of 40.5 years old.

Here's a summary of the average ages by race and gender:

Interestingly, the average age of male mortgage brokers who are Black or African American is 42.5 years old, which is just 0.5 years older than their female counterparts.

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The number of mortgage loan originators (MLOs) in the US increased by 11.2% in 2020, reaching a total of 183,618.

In 2020, 33,314 new MLOs joined the industry, a 20.2% increase from the previous year. This growth contributed to a net increase of 18,502 MLOs.

On average, MLOs held 3.75 licenses, and the number of loans originated per MLO increased by 12 loans year-over-year in the third quarter of 2020.

The majority of mortgage brokers, 63%, have a tenure of 1-7 years. This is a significant chunk of the industry, and it's worth noting that many of these brokers have gained valuable experience and knowledge during this time.

A notable 39% of mortgage brokers have a tenure of 1-2 years, which suggests that many new entrants to the industry are quickly gaining experience. This could be due to the fact that mortgage broking is a field that requires a lot of learning and adaptation.

In contrast, only 8% of mortgage brokers have a tenure of 11+ years, which is a relatively small percentage. This could indicate that the industry is constantly evolving, and even experienced brokers may need to adapt to new regulations and market trends.

Here's a breakdown of the tenure statistics:

In 2020, the number of mortgage loan originators (MLOs) increased by 10,502 to 183,618, a significant growth from the previous year.

North Dakota had the largest mortgage loan originator growth at 68%, followed by Iowa and Maine at 48%, South Dakota at 40%, and Arkansas at 37%.

New York experienced a decline of 3% in MLO individual license growth, while all other states saw an increase.

There were 33,314 new MLOs in 2020, a 20.2% increase from the previous year.

The average MLO held 3.75 licenses by the end of 2020, and the number of active state MLO licenses increased by 21% to 688,327.

The net increase in MLOs in 2020 was 18,502, making that an 11.2% increase from 2019.

The number of loans originated per MLO increased by 10 more loans in the fourth quarter of 2020 than they did in the fourth quarter of 2019.

Federal registration statistics paint a picture of a shifting landscape in the mortgage industry. In 2020, federal mortgage registrations saw a decline, with actively registered MLOs decreasing by almost 4% to 399,876 individuals employed by 8,512 institutions.

New individual federal registrations have been declining for several years, and 2020 was one of the lowest years on record, with only 45,198 new registrations. This trend continues into 2021, with no signs of slowing down.

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The number of institutions has been declining for the 8th consecutive year, a clear indication that the industry is undergoing significant changes. This decline is likely a result of the shift towards more efficient and streamlined business models.

State MLOs renewed their licenses for 2021 at a staggering 87.8%, a significant increase from 82.7% in 2020 and 74.1% in 2019. This shows a strong demand for MLO employment, which could continue into 2022.

In the US, there are numerous mortgage brokers to choose from. According to a sample list of 10 records, the majority of these brokers are based in California, Texas, and Florida.

The list shows that some mortgage brokers have a high review count, with Pilgrims Mortgage in Florida having an impressive 90 reviews.

Here's a breakdown of the number of reviews for each broker in the sample list:

The United States has a diverse population, with California being the most populous state with over 41 million residents. Florida has the second-largest population among the states, with approximately 15.9 million people.

The number of mortgage brokers varies significantly across the country. According to the data, California has the highest number of mortgage brokers, with 8,071 locations. Florida ranks second, with 4,058 mortgage broker locations.

Here is a breakdown of the top 5 states with the most mortgage brokers:

The city with the most Mortgage Brokers is California, with a whopping 8,071 locations. This is likely due to California's large population and thriving economy.

California's population is a staggering 41.30 million people, making it the most populous state in the country. This is more than 4 times the population of Florida, the second most populous state.

Florida has a significant number of Mortgage Brokers as well, with 4,058 locations. This is likely due to Florida's growing population and popularity as a retirement destination.

Here's a rough breakdown of the top 5 states with the most Mortgage Brokers:

These states are likely to have the highest demand for Mortgage Brokers, making them great places to start a business or invest in the industry.

The US Population is a staggering number. As of January 23, 2025, the exact number of Mortgage brokers in the United States is 41103. The country's population is not explicitly stated in the article, but we can look at the number of Mortgage brokers as a small fraction of the total population. There are a total of 41103 Mortgage brokers in the United States as of January 23, 2025.

The job market for mortgage brokers in the US is a fascinating topic. There are approximately 110,000 mortgage loan originators in the country.

The number of mortgage brokers is expected to grow due to the increasing demand for mortgage services. In 2020, mortgage originations reached $2.3 trillion.

According to the Bureau of Labor Statistics, employment of loan officers, which includes mortgage brokers, is projected to grow 3% from 2020 to 2030.

Mortgage brokers often work on commission, which can be a significant motivator to stay ahead of the game. The median annual salary for mortgage loan originators was $63,930 in May 2020.

The rise of online mortgage platforms has also changed the landscape for mortgage brokers. Many consumers are now turning to online platforms to compare rates and shop for mortgages.

However, traditional mortgage brokers who build strong relationships with clients can still thrive in this environment. In fact, the most successful mortgage brokers are those who can offer personalized service and expert guidance.

The job market for mortgage brokers requires a unique blend of technical skills and interpersonal skills. Mortgage loan originators must be knowledgeable about mortgage products and regulations.

In addition, mortgage brokers must be able to communicate complex information to clients and build trust in a competitive market.

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The salary and job market for mortgage brokers vary significantly across different states in the US. In Minnesota, the state with the highest number of mortgage broker jobs, the employment rate is 8% with 447 jobs available.

Minnesota is followed closely by South Dakota, Arizona, Rhode Island, and North Dakota, all of which have an employment rate of 7% with a relatively small number of jobs available. For example, North Dakota has 53 mortgage broker jobs available.

The top 5 states with the highest number of mortgage broker jobs are Minnesota, South Dakota, Arizona, Rhode Island, and North Dakota. Here's a breakdown of the top 5 states with the highest number of mortgage broker jobs:

As we explore the world of mortgage brokers, it's fascinating to see the concentration of these professionals across different states and territories. California has the highest number of mortgage brokers, with a whopping 8,071 locations.

The next most populous states in terms of mortgage broker locations are Florida, Texas, and Illinois, with 4,058, 3,496, and 1,517 locations respectively. These numbers are quite impressive, considering the population of each state.

The data also reveals that some states have a significantly lower number of mortgage brokers. For example, Vermont has a mere 18 mortgage broker locations, making it the state with the fewest. This is likely due to the state's smaller population and less complex mortgage market.

Here's a breakdown of the top 5 states with the most mortgage broker locations:

These numbers give us a glimpse into the world of mortgage brokers and their concentration in different parts of the country.

In the Midwest, salaries tend to be lower than in other parts of the country.

The average salary in Illinois is around $53,000, while in Indiana it's about $45,000.

Iowa's average salary is roughly $48,000, with Kansas coming in at about $50,000.

Minnesota's average salary is significantly higher, at around $63,000.

Nebraska's average salary is about $52,000, with North Dakota's being around $55,000.

Ohio's average salary is roughly $50,000, while South Dakota's is about $47,000.

Wisconsin's average salary is around $52,000.

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Minnesota takes the top spot for Mortgage Broker jobs, with a whopping 447 jobs available in the state.

The top 5 states for Mortgage Broker jobs are Minnesota, South Dakota, Arizona, Rhode Island, and North Dakota, with each state having a similar employment rate of 7-8% per 1000 people.

Arizona has a significant number of Mortgage Broker jobs, with 476 positions available in the state.

In fact, the top 10 states for Mortgage Broker jobs have a relatively consistent employment rate of 5-8% per 1000 people.

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The state with the highest population, Illinois, has 610 Mortgage Broker jobs available, but with a lower employment rate of 5% per 1000 people.

On the other hand, smaller states like Montana and Maine have lower numbers of Mortgage Broker jobs, with only 48 and 61 positions available respectively.

Here's a list of the top 5 states for Mortgage Broker jobs: