Mortgage brokers may work with several different lenders.
Mortgage brokers' roles are like that of a middleman between lenders and borrowers looking to finance a property. Unlike a mortgage banker, who usually works for one lender, mortgage brokers work with many lenders to find the best deal for a home buyer. Within the United States, some states have different rules when it comes to working as a mortgage broker.
Description
A mortgage broker is an individual or a company that originates a loan with the intention of selling the loan to lending institutions. A mortgage broker can also act as an intermediary between a lender and a borrower who needs a mortgage loan.
Responsibilities
The primary responsibility of a mortgage broker is to act in the best moral and ethical interest of the borrower and help him to obtain a loan. A mortgage broker may do any or all of the following: review a borrowers' credit report, connect a borrower with an appropriate lender, negotiate details with a lender and offer various loan products. A mortgage broker will collect detailed and personal information from a borrower.
Experience
A mortgage broker does not need a college degree. He may choose to open his own business or he can work for a real estate or mortgage company. He should also be experienced in keeping clients aware of current market trends and rates of interests. He must also keep up-to-date with pertinent state and federal regulations.
Qualifications
Mortgage brokers must be licensed in the states in which they work and must comply with continuing education requirements. The qualifications to work as a mortgage broker also includes a clean criminal background check in all 50 states. To obtain a license, most states require a person to take a test pertaining to the mortgage industry. A person can retake the test if she fails. Specific license and certification information for each state is available from the National Association of Mortgage Brokers.
Environment
Mortgage brokers usually dress professionally and may work out of their homes or in offices. They need to have assertive communication skills, because their jobs consist of constantly talking and building relationships with borrowers and lenders. Mortgage brokers spend a great deal of time in front of the computer typing, faxing and emailing loan applications and other documents. Mortgage brokers should be organized and have a secure area to work in, because they handle confidential information from clients.
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