Mortgage Broker Specialist Job Description

November 26, 20110 Comments

Mortgage Broker Specialist Job Profile and Description

The mortgage broker specialist is basically a real estate professional. He or she is specialized in providing the assistance to the consumers in the selection, processing and closing of a mortgage loan. The main objective is to use the expertise to consumers to get the best mortgage details. The position of a mortgage broker specialist can be a freelance broker or work in any independent financing brokerage firm. He or she can serve as the mediator between a prospective buyer of a property, or borrower and the lending institution.

Duties and Responsibilities

There are the following duties and responsibilities of a mortgage broker specialist which have to be fulfilled:

  • The specialist has the main duty to provide assessment on the eligibility of loan applicants for a mortgage.
  • He or she needs to oversee the mortgage on a house or commercial property for reference by bankers and lenders.
  • It will be also the duty to explain the various types of mortgages to the clients and the mortgage options as well.
  • He or she needs to identify the options available from various banks and recommend the moist suitable for their individual needs.
  • It will be needed to work with the coordination with the various banks on the client’s behalf to secure the best deal.
  • There are many other basic jobs to fulfill such as filling out an application form to collect the supporting documents, like bank statements, and submit the application to the bank.
  • The broker also has to inform the client about that the approval of the mortgage application.
  • He or she has the responsibility to organize the home second loan requirements as well.
  • It is needed to organize the valuation of the client’s home for presentation to the bank.
  • It is also the duty to give proper advise to the clients about the financial and investment decisions.

Skills and Specifications

The required skills and specifications are as follows:

  • The person must be able to scrutinize loan application, investigate credit worthiness.
  • He or she should be able to maintain the effective relationships with the local governments for correct land and property valuation.
  • The person must have a very good relation with banks and lenders to do the job.
  • The person needs to have the team working skills with the interpersonal skills to establish and maintain the effective working relationships.
  • He or she must have excellent salesmanship and marketing skills to be a mortgage broker specialist.
  • The person needs to have a thorough and deep understanding of the real estate business, economic trends and property valuation dynamics.

Education and Qualifications

  • The basic degree required to do the job is a college degree in a business or accounting field with a strong basis along with computer literacy for spreadsheets and word processing.
  • The person needs to have the past 2-3 year of working experience in bourses and financing businesses is an asset.

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