To become a mortgage broker in the US, you'll need a Mortgage Loan Originator (MLO) license: complete prelicensing courses, pass the national SAFE MLO test, clear background and credit checks and renew every year. In Australia, you must hold a credit licence or work as a credit representative of a licensee, and you're legally bound to act in your clients' best interests.
The licensing system is what decides how you start, so this guide covers the two markets where the rules are clearest in official sources: the US and Australia.
Figures come from the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, the NMLS testing handbook and the Australian government's Moneysmart site, read on 26 October 2026.
The US route, step by step
- Get relevant experience or a degree. BLS says loan officers typically need a bachelor's degree in business or finance, though some enter with experience in banking, customer service or sales. Mortgage companies may prefer residential mortgage or real estate experience.
- Complete your prelicensing courses. These are required before you can test.
- Pass the SAFE MLO test. The national test is run through NMLS, with a uniform state content section. Its handbook sets waiting periods between failed attempts and rules on when results expire.
- Clear background and credit checks. Your financial history is part of the licensing review.
- Get licensed in each state you'll work in. Individual states may add their own requirements.
- Renew every year. BLS says MLO licenses must be renewed annually.
The Australian route
Australia regulates brokers through credit licensing. Moneysmart tells consumers to check that a broker holds a licence to give credit advice, or is a representative of a licensee, by searching ASIC's Professional Registers for the Credit Licensee or Credit Representative lists. So your two ways in are to hold your own credit licence or to work as a credit representative under an existing licensee.
Then comes the rule that shapes the whole job. Mortgage brokers must act in the customer's best interests when suggesting a loan, and they should present more than one option and explain why the recommended loan fits.
How brokers get paid
This is the part most people don't know before they start. In Australia, lenders generally pay mortgage brokers a commission for distributing their products, so customers don't pay them directly. Moneysmart says the commission is a percentage of the loan amount and typically has both an upfront and an ongoing payment, and brokers must tell customers about the commissions they may receive.
If a broker wants to charge the customer a fee, it must be set out in a written quote that the customer signs before any service, and the broker can't ask for the fee before providing the service. In the US, BLS says some loan officers earn a flat salary while others are paid a base salary plus commission on the loans they originate, sometimes with bonuses based on volume or loan performance.
Pay and outlook in the US
| Measure (loan officers) | Figure |
|---|---|
| Median pay, May 2025 | $76,690 a year |
| Lowest 10% earned less than | $39,430 |
| Highest 10% earned more than | $153,180 |
| Credit intermediation and related activities | $76,070 |
| Jobs in 2025 | 283,000 |
| Projected growth 2025 to 2035 | 1%, slower than average |
Those figures are as of October 2026. BLS doesn't count brokers separately, so loan officers are the closest official group. Growth is slow, but BLS still projects about 17,100 openings a year, mostly to replace people leaving the job. Commission-based roles mean the spread between the lowest and highest earners is wide.
What the job involves
- Finding clients, often through relationships with real estate companies
- Gathering and verifying applicants' financial information, such as income and credit rating
- Explaining loan types and their terms
- Comparing options and recommending a loan
- Guiding the client through the application to settlement
BLS points to initiative, because you'll often act as a salesperson, plus attention to detail and strong interpersonal skills. In Australia, Moneysmart quotes ASIC saying more than 80% of home loans are now arranged through mortgage brokers, which shows how central the role has become there.
If you plan to work for yourself, think about how you'll handle clients with irregular income, such as freelancers. Our guide to getting a mortgage when you're self-employed shows what lenders look for. And if you're comparing finance careers, see how to become an accountant.
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Is broking right for you?
- Am I comfortable with sales? Most brokers find their own clients.
- Can I live with variable income? Commission-based pay rises and falls with the market.
- Which licensing route fits? In Australia, decide whether you want your own credit licence or to work under a licensee.
My verdict
Becoming a mortgage broker is mostly a licensing exercise followed by a sales career. In the US, get your MLO license through the SAFE test and plan for yearly renewals. In Australia, start under a licensee as a credit representative and build your process around the best interests duty. In both, income follows the relationships you build, so start building relationships with real estate agents early.
Frequently asked questions
Do you need a license to be a mortgage broker?
Yes. In the US, mortgage loan originators must hold an MLO license. In Australia, brokers need a credit licence or must be a credit representative of a licensee.
How do you get an MLO license?
Complete prelicensing courses, pass the national SAFE MLO test, clear background and credit checks and meet any extra state rules. Licenses are renewed annually.
How do mortgage brokers get paid?
In Australia, lenders generally pay a commission that's a percentage of the loan, usually with an upfront and an ongoing part. Some US loan officers earn salary plus commission.
Can a mortgage broker charge me a fee?
In Australia, only if it's set out in a written quote you sign before the service, and not before the service is provided.
How much do mortgage brokers make?
BLS doesn't list brokers separately. Loan officers had a median of $76,690 a year in May 2025.
Do you need a degree to be a mortgage broker?
BLS says loan officers typically have a bachelor's degree, but some enter with banking, customer service or sales experience.
What is the best interests duty?
In Australia, mortgage brokers must act in your best interests when suggesting a loan.
