The number of traditional mortgage brokers dropped by 80 percent during the Great Recession, and for those who were able to keep their jobs, average salaries dropped by 30 percent.
And the profession hasn’t really recovered, thanks to online brokers like Rocket Mortgage and Guaranteed Rate that make getting an online quote quick, according to Timothy G. Wiedman, a retired professor of management and human resources at Doane University in Nebraska.
Add in that millennials, the home buyers of the future, have grown up doing everything online, and the outlook for mortgage brokers looks bleak at best.
"However, many of the numeric and financial skills possessed by folks who might be attracted to that profession could be utilized elsewhere in the financial services industry," Wiedman said. "So by earning different professional credentials, those folks won't starve."
The BLS doesn’t track mortgage brokers and has no projections for the future of the profession.