Mortgage broker is a fascinating career for individuals who adore interacting with many people and loves the challenge in transforming complex situations easy to deal and communicate. Below are the lists of information to read on about the job description of a mortgage broker.
What is a mortgage broker?
Mortgage brokers are companies or individuals that originate loans with intentions of selling loans to a lending institution. Mortgage brokers act as intermediaries between borrowers and lenders who need mortgage loans.
Duties of mortgage broker
- A mortgage broker’s foremost duty is to interact with various people or borrowers in the most ethical and moral interests helping them obtain their loan in an efficient manner.
- Mortgage brokers have lots of roles and responsibilities which include connecting the borrower to an appropriate lender, providing reviews on the credit report of the borrower, negotiating important details to the lender as well as offering different loan products.
- A mortgage broker collects personal and detailed information/data from the borrower.
- Mortgage brokers ensure that their clients understand the processes with enough knowledge to make decisions confidently regarding their finances.
- They also ensure that the applications are completed and prepare overviews to make certain that the mortgage attain a smooth approval. They check banks regarding some errors and immediately correct it.
Condition of Work
- A mortgage broker should dress appropriately and professionally. They mostly work in the office or in their homes. They are required to possess an assertive and good communication skills as their jobs consist mostly in building harmonious relationships between the lenders and borrowers.
- A mortgage broker also spend most of their time on the computer doing various paper works and other things like faxing, typing and emailing several loan applications as well as other related documents. They should be well-organized with a secure working are as they usually handle confidential data from their clients.
Educational Requirements
- In order to become a mortgage broker, you must obtain a license in the particular state where you are working and must follow with some requirements for continuing education.
- Other qualification to be able to work as a mortgage broker includes a clear criminal background checked in 50 states. In order to get a license, some states require candidates to take an exam regarding mortgage industry.
Occupation and Progress
According to U.s, Bureau of Labor and Statistics, job prospects for mortgage brokers are expected to decrease by 9% as most mortgage industry can be accessed and obtained through online.