Opening your own mortgage brokerage is an exciting step, but before diving into costs, ask yourself: Are you ready for this next level in your career?

3 Questions to Ask Before Opening a Mortgage Brokerage
1. Can you consistently generate business?
A steady stream of clients isn’t optional—it’s a must. Have you built a track record of generating your own leads, or have you relied on a company’s marketing efforts? Once you commit financially to opening a brokerage, you need to be confident there’s a profitable path forward.
2. Are you ready to lead?
Running a brokerage means managing accountants, lawyers, loan officers, and other professionals. You’ll be the one making decisions, guiding the business, and investing in your team.
3. Can you adapt to change?
The mortgage industry shifts constantly—rates change, regulations evolve, and consumer behavior moves with the market. Are you willing to pivot when needed, adopt new technology, and shift your focus to match demand?
If you’re nodding along and ready to move forward, let’s talk numbers.
What’s the Bottom Line?
There’s no one-size-fits-all answer, the estimated out-of-pocket cost to start a mortgage brokerage is around $27,500, plus any net worth requirements set by your state.
Cost Breakdown
- Professional Services (lawyers, accountants, etc.) – $8,500
- Total Company Application and Related Fees – $3,500
- Technology and Configuration – $1,500 (or your time if you do it yourself)
- Marketing Foundation – $5,000
- Mortgage Broker Compliance Manuals – $2,500
- One to two months of credit report bills – $1,500
- Lease deposit and first month’s rent (if applicable) – $5,000
Total estimated cost: $27,500
What About Net Worth Requirements?
Many states require brokers to meet a minimum net worth threshold, typically ranging from $15,000 to $100,000.
To simplify the licensing process, the Nationwide Mortgage Licensing System (NMLS) provides a state-specific checklist that outlines all the elements required for your application. This checklist includes, but is not limited to, financial documents like bank statements, required NMLS forms such as MU1, MU2, MU3, and MU4, and a business plan. It also outlines your state’s specific minimum net worth threshold to confirm compliance before moving forward.
Since requirements vary by state, it’s essential to review your specific checklist to ensure a smooth application process.
Want to Skip Some Costs and Streamline the Process?
Starting your own mortgage brokerage doesn’t have to mean shelling out tens of thousands of dollars. Morty offers a streamlined solution that covers:
- A POS system
- A LOS system
- A Pricing Engine
- Marketing
- A CRM Integration
- Processing & Fulfillment
- Compliance
All of this for just $499—far less than the typical $10,000 or more in setup costs.
With Morty, you won’t need to pay for:
- Total company application and related fees
- Technology and configuration
- Mortgage broker compliance manuals
We take care of the heavy lifting so you can focus on getting your business off the ground.
Ready to Launch Your Mortgage Brokerage?
Starting a brokerage is a big commitment, but with the right plan, it can be a profitable and rewarding career move. If you’re serious about taking the next step, Morty is here to help you make it happen—without the hefty startup costs.