Mortgage brokers create a link between lenders and borrowers within a financial real estate setting. They work with many lenders to find the best possible deal for a client looking for a house to buy.
A mortgage broker can be both a company and an individual and is responsible for assessing a borrower’s financial situation to determine how to go about looking for a possible solution.
S/he interviews the client and conducts income verification and credit information duties. Once this is in check, s/he is expected to research the best possible loan solution that meets the client’s needs.
To understand the role of a mortgage broker in a better manner, let us have a look at some duties that he is expected to perform when working at this position:
Job Description for Mortgage Broker Resume
• Develop new business and ensure recurring business from clients
• Liaison with key lenders which may include banks, insurance companies, and other specialized finance companies
• Generate and make presentations for exclusive assignments
• Build networking and referral systems
• Analyze applicant’s financial situation and hunt for possible loan solutions
• Originate loans to sell to lending authorities
• Evaluate financial histories, pay stubs and tax information
• Ensure compliance with financial laws of the state
• Verify borrowers income and credit information
• Explain legal aspects of the loan to the borrower along with payment terms and conditions
Apart from the usual work duties of this position, a mortgage broker is expected to prepare clients’ applications for loan processing and share information with the client regarding legal terms and conditions of the loan in question.