Bookkeeping and Accounting for Mortgage Brokers

In search of a bookkeeper and accountant for your mortgage brokerage? We manage your books, leaving you with more time to secure favorable rates for your clients. Try us for free.

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How Bench works with mortgage brokers

Master your bookkeeping, income tax prep, and filing without breaking a sweat—with Bench on your side. We specially cater to mortgage brokers.

We get you set up

Our team takes the time to thoroughly comprehend your mortgage brokerage, answer your queries, assist you in linking your accounts, and demonstrate how Bench works with your business.

We do your bookkeeping

Each month, your bookkeeper systematically arranges your mortgage brokerage transactions and develops financial reports. If they require any information from you, they'll effortlessly reach out.

We deliver tax-ready financials

Our crew of professionals is well-acquainted with mortgage industry tax regulations and will tailor their approach to your brokerage's specific demands.

Here’s why mortgage brokers like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We're committed to providing frequent bookkeeping updates for mortgage brokers. Have urgent queries that just can't be postponed? Rest assured, we'll provide you with a response within one business day, if not sooner.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform empowers you by automating data inputs from all major providers, eliminating typical errors. We collaborate with various financial institutions and service providers in the home lending industry—ensuring your financials are always correct and up-to-date. That's why Mortgage Brokers prefer Bench.

See where you’re spending. Make smart decisions

Say goodbye to the never-ending stream of paperwork and labor-intensive manual tracking - we automate inputs directly from your linked brokerage accounts. Gain insights from a single unified dashboard, allowing you to effortlessly comprehend your brokerage's financial health and make informed strategic decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for mortgage brokers

Bench understands the complexity and unique needs of Mortgage Brokers when it comes to bookkeeping and taxes. With the constant fluctuations in property values, dynamic interest rates, and the myriad of laws, taxes, and regulations at both state and national levels, it's easy to feel overwhelmed. However, our expert team at Bench is well versed in the financial intricacies of your profession and is prepared to handle not just regular bookkeeping, but also specialty areas such as escrow transactions, commission payout structures, and tax write-offs that are industry-specific.

To ensure your books are accurate and up to date, Bench pairs intuitive software with real, human bookkeepers who specialize in the mortgage industry. These dedicated bookkeepers ensure all your financial transactions and obligations are correctly recorded. They also ensure all your deductions are correctly categorized, from office expenses to professional dues, maximizing your tax return. Our qualified team also proactively manages your tax deadlines and stays on top of changing laws and regulations—mitigating the risk of costly mistakes. With Bench handling your bookkeeping and tax, you can focus on what you do best - helping your clients secure the best mortgage deals.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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As a mortgage broker, what specific expenses can I deduct for tax purposes?

As a mortgage broker, there are several specific expenses that you can deduct for tax purposes. These include:

  • Office rent and utilities, such as electricity and internet
  • Equipment like computers, software, and office furniture
  • Insurance premiums for any business-related policies
  • Professional service fees, including legal and accounting
  • Marketing and advertising costs
  • Mileage and travel expenses, if they're for business
  • Continuing education expenses that are related to your business
  • Licensing fees and industry association dues

Ensure you keep clear records of these expenses, keep your personal and business expenses separate, and consult a tax professional for advice tailored to your specific circumstances.

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How does accounting for commissions work in the mortgage brokering industry?

In the mortgage brokering industry, commission accounting typically operates on an accrual basis. Fees or commissions are recognized as revenue when the loan agreement is legally enforceable, regardless of when the actual cash payment is received. This usually happens when both the borrower and lender sign the loan agreement.

Therefore, when a mortgage broker arranges a loan, they will record their commission as accounts receivable. At this point, they would debit their accounts receivable and credit their sales revenue. Later, when they receive the commission payment, they'll debit their cash account and credit their accounts receivable.

It's important to note that accurate accounting for commissions is essential in this industry as the timing discrepancy between commission recognition and cash receipt can often lead to challenges in cash flow management. Reliable bookkeeping services can assist in effectively managing these aspects.

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What kind of bookkeeping system is best for managing financial transactions as a mortgage broker?

The kind of bookkeeping system best for managing financial transactions as a mortgage broker is cloud-based software. These systems are more advanced and are easier to use compared to traditional systems. Through cloud-based software like Bench Accounting, transactions are automatically recorded, tracked, and organized. This allows mortgage brokers to easily access their financial data in real-time, reducing the chance of errors and simplifying the tax process. The ability to upload receipts, invoices, and other documents also helps to keep transactions in order, making financial management more efficient.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

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How much time each month will I have to spend managing my Bench account?

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.

Bookkeeping Services for Mortgage brokers

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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No credit card required. By clicking ‘Start a Free Trial’, I agree to Bench’s Terms & Privacy Policy.