Mortgage Broker

Mortgage broker specialists are equivalent to financial middle-men because they are the interface between a client applying for a mortgage and a lender such as a bank or other financial institution. It is the job of a mortgage broker specialist to search out loans with the best rates and terms for a particular client. Some clients are applying for a first-time whereas others are seeking to refinance a loan they already have. Many mortgage broker specialists work for small companies and some work on a freelance basis. To become a mortgage broker specialist there is no specific requirement for a college degree although a four year degree in marketing or business is highly desirable. However mortgage broker specialists must have a license earned by taking mortgage broker courses and passing an exam. They must understand credit reports and also they should have good computer skills. An essential personal quality for this career is the ability to market oneself and to communicate because this job calls for excellent customer service skills. The website says that individuals often start out their careers by trying to get small loans for customers with poor credit. In this way they learn how to read a credit report and how to deal with clients without offending them if the loan for which they qualify does not have the rate or terms they were expecting. A skilled mortgage broker specialist will be able to advise such clients on how to improve their credit and in some cases to get a loan to consolidate their debt. The pay range for this career varies widely. According to the website mortgage broker specialists can earn between $41000 and $111000 annually including any salary plus commissions.

Education Required: High School Diploma & Certification and/or License
Avg Salary: $76032.5
High Salary: $111071
Low Salary: $40994
Tasks: Helps clients complete mortgage applications.
Reviews clients' financial information.
Obtains credit reports.
Determines which lender can provide the best mortgage and interest rate.
Also Called: Mortgage Agent
Mortgage Banker
Loan Officer
Loan Specialist
Additional Resources: