The New York Times heralded in a front-page story (October 8, 2005) that “a vast industry of real estate middlemen has sprouted up recently, riding the ups and downs of the mortgage market, and in many cases, accumulating great wealth in the process. Mortgage brokers, virtually nonexistent 25 years ago, now number 400,000 workers at more than 50,000 firms.”
This is a career that has unlimited potential. It’s based on the very basic human desire to own the place you call home. And mortgage brokers make it happen, so much so that this year they will collect $33 billion from their share of the estimated $2.8 trillion in home mortgages.
How Americans finance home purchases has changed dramatically in the last century. Once content to ...