A mortgage broker is an official who generates a loan for the purpose of selling the loan to interested parties. He works in association with many lenders so that he can suggest an appropriate deal for the borrower.

He is also a mediator between a lender and a borrower. He acts as an intermediary by verifying all required documents. The initialization of the loan process is hence kickstarted by him.

Skill Requirements

A Mortgage Broker needs to have good communication skills and be persuasive in his approach as he needs to regularly meet the borrowers and lenders. For this reason he also needs to develop a good rapport with all.

Furthermore, he should be well-organised and should be given a secluded area to operate in. as he handles confidential information about his clients.

Also, he should have good knowledge of database software like MS Excel that can help him tabulate data for his own as well as general reference.

Job Requirements

His main responsibility is to work in a manner that is most beneficial to the borrower in getting a loan. For this, he first of all needs to discuss options with the new clients.

After giving him a basic understanding of all the elements and procedures involved, he needs to review the borrowers’ credit history, bank statements and other relevant documents to ascertain his financial status. After all the requirements are completely satisfied, he then connects the borrower with a suitable lender.

He further negotiates the details with the lender and offers various loan products. He explains the legal aspects of the loan and also the payment terms to the borrower.

He ensures that the loan is in accordance with various banking and financial laws prevalent at that time.

He also informs the borrower about the consequences of failing to repay the loan.

Work Conditions

Generally, a Mortgage Broker may work from his home or in an office. He may need to spend a lot of his time in front of the computer while handling the loan applications and other documents. In that sense, the job is mainly sedentary and he need not exert himself physically.

Educational Qualifications

Although a Mortgage Broker does not need a specific specialised degree, he is required to hold a license. For this, he needs to appear for a test related to the mortgage industry. Further, he needs to have a clean criminal background.

He may open his own business or work for a real estate or mortgage company.

Tips for the Job

He should be well aware of the current market trends so that he can give the right guidance to his clients.

He should also be knowlegeable about the current interest rates to ensure that his clients get the best deal available.

He must be highly proficient in state and federal regulations to make sure that all the legalities are strictly adhered to.

Leave a Reply

Your email address will not be published.