Mortgage brokers originate mortgage loans. There are two types of mortgage brokers: commercial mortgage brokers and residential mortgage brokers. The former deal mainly with the commercial sector and the latter with private individuals. Mortgage brokers keep abreast of an array of increasingly complex mortgage products in order to provide a wide range of loan options to their clients. Likewise, they keep their knowledge of the ever-changing mortgage standards up to date in order to ensure industry compliance in the practice of their trade.
Mortgage brokers must have state-specific license(s) or certification(s), and they must be highly knowledgeable about current industry standards and compliance regulations. They must have a very strong organizational skills, provide excellent customer service, a highly professional demeanor and an adequate proficiency in computer software tools such as Calyx Point.
Mortgage brokers generally work out of business offices in mortgage brokerage houses or financial institutions, and they usually report to a senior mortgage broker or supervisor. They may also be required to attend industry conferences for the purpose of networking and/or advanced training. They typically have a regular 9-5 work week schedule but they may be required to work on weekends.
Mortgage Broker Tasks
- Assess local mortgage market to find deals for client.
- Apply for loans on behalf of borrower and collect documentation to pre-approve client.
- Mediate between the prospective homebuyer and the lending institution to underwrite and structure financial solutions.
- Interview and document credit, income, and financial history of clients.
- Deploy marketing and sales strategies to attract new clients.