America marked Equal Pay Day on March 25 — the symbolic date when women finally catch up in pay to what men made the year before. While the date came and went, the wage gap is still disrespectfully loud, especially for Latinas and other women of color.
Latinas make just 58 cents to every white, non-Hispanic man’s dollar, according to Equal Pay Today. That’s over $1.2 million in lost income over a lifetime. The biggest wage gap of any group of women in the country.
Infuriating? Yes. Unchangeable? Hell no. Luckily, lending just might be the glow-up women have been waiting for. Here’s the tea: the mortgage industry is a sleeping giant of opportunity — and women are ready to make moves.
- Women loan officers earn 87% of what men make by one estimate, beating the national average of salaries for women compared to men.
- Women are already in this business, one estimate has 79.4% of loan processors as women.
- Only 32.5% of mortgage brokers are women. That gap can be closed.
Meanwhile, the market is getting ready to pop off. Home prices are correcting in key metros and interest rate drops are on the horizon. Translation? A flood of buyers and major commission potential for mortgage loan officers who are getting in now. Why not you?
Financial freedom
This career path puts financial freedom, flexible schedules and unlimited earning potential on the table. And the barrier to entry? Shockingly low. Here’s the playbook.
To be a licensed mortgage originator, you must be 18, a U.S. citizen or legal resident, with a clean background. You have to complete 20 hours of Nationwide Multistate Licensing System (NMLS)-approved pre-licensing education.
You have to pass a test, which costs $110 and 75% or more people to pass. Apply via NMLS — submit Form MU4 and pay state licensing fees (That typically can cost anywhere between $300–$500). You need to undergo fingerprinting and a background check through the NMLS portal.
You’ll need to find a sponsor — team up with a licensed brokerage or lender. There are some state specific requirements — some states require extra training or surety bonds. Every year, you’ll need to complete eight hours of continuous education and renew annually on Dec. 31.
Life-changing moment
All in? Expect it to take six to 10 weeks and cost around $600–$1,200 — or another way to look at it, less than a third of the time it takes for women to create life.
If you’re ready to rewrite your financial story, this industry will change your life. Ladies, this is your season. Don’t wait for a seat at the table — bring your own chair, your own spreadsheet and your own damn pen. Let’s go close that gap and secure the bag.
