Mortgage Broker Job Overview
A mortgage broker is a licensed mortgage professional who works on behalf of potential borrowers to find the ideal lender and mortgage loan product for prospective home buyers, or homeowners that are interested in refinancing. They meet with clients and gather all the necessary documentation to create and submit the loan application, research mortgages and interest rates of various lenders, and act as a resource and middleman for the applicant throughout the mortgage process. Many mortgage brokers work independently by creating a vast referral network in the real estate and lending industries, while others may work at an established mortgage brokerage firm, a financial institution, credit union, or lending institution.
Mortgage Broker Job Template
Mortgage Broker Job Summary
Our team is looking for a highly motivated and entrepreneurial-minded mortgage broker to join our successful lending team. The ideal candidate will have an established book of real estate and lending institution contacts, a firm grasp on industry trends, and a proven track record of matching lenders and mortgage products to potential borrowers. If you are looking for a place to build your business with uncapped income potential, please send us your resume today!
Mortgage Broker Responsibilities
- Meet with potential applicants and buyers to determine each client’s specific lending or refinance needs
- Educate clients on various loan products, funding sources, buying or refinance process, and lending guidelines
- Gather documents such as applicant’s credit history, income and employment verification, assets and liabilities, and background check to determine creditworthiness
- Shop for competitive mortgage rates and interest rates, and negotiate terms with various lenders to find ideal mortgage lender for the applicant
- Submit application file to lenders in order to apply on the homeowners’ behalf
- Collaborate with the real estate agent, lender’s underwriting department, other mortgage professionals, and closing agent to ensure a smooth transaction
- Build referral relationships with real estate professionals and relationships with mortgage lenders/ mortgage bankers, maintain current lending rate sheets, and stay up to date on current mortgage industry trends
Mortgage Broker Qualifications
- Bachelor’s degree preferred in real estate law, banking, finance, business administration, or economics
- A current NMLS license or National Association of Mortgage Broker licensure or certification is required
- Must possess mortgage loan origination or loan officer experience: 5 years
- Possess a strong understanding of mortgage products and loan process from origination to close
- Exceptional communications skills, time-management and analysis skills, and independently resourceful
- Advanced computer skills including MS office, and loan origination software
Mortgage Broker Compensation
$80,365 (National Average)
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