Mortgage Broker Job Description

Specializing in real estate transactions, a Mortgage Broker acts as the middleman between a client – ether a person or a company – and a bank. They review the client’s financial ability to pay off a potential mortgage and decide if they are financially established enough for the bank to back their real estate purchase.

Mortgage Brokers are often employed by credit unions, mortgage companies, commercial banks and similar financial institutions. Demand for Mortgage Brokers is expected to increase 8 percent between 2014 and 2024, the Bureau of Labor and Statistics reports, providing an estimated additional 7,720 jobs annually.

Mortgage Broker Duties and Responsibilities

To accomplish their main goal of finding the ideal mortgage rate for their clients, Mortgage Brokers have a variety of tasks they must maintain. We examined several job postings and identified these core duties and responsibilities.

Manage Related Paperwork

Mortgage Brokers manage the information used to match a client with a bank. This includes keeping track of bank statements, paystubs, credit history and the like, on the part of the client. They also fill out and file the related forms with the lender, such as lender applications or agreements.

Seek Out Additional Clients

Many Mortgage Brokers, particularly those working for mortgage companies, are expected to develop relationships with various real estate companies and other local sources, in order to find and meet the needs of potential clients. This may include marketing your firm to make it more attractive to perspective clients.

Assess the Market

As representatives of their client’s interests, the Mortgage Broker is often tasked with negotiating with banks and direct lenders in order to find the best loan for the client’s situation. They must also accurately assess the client’s financial circumstances, credit history and affordability, in order to find their ideal match.

Maintain Professional Conduct

All Mortgage Brokers must ensure their activities are in accordance with banking and financial legislation at the local, state and federal levels. In particular, each state has different scopes of regulation that Mortgage Brokers must be familiar with.

Provide Legal Explanations

Mortgage Brokers are also responsible for educating their clients about their legal and financial options. This could include explaining legal disclosures, reviewing the client’s budget and helping the client fill out and understand all the necessary paperwork.

Mortgage Broker Skills

Mortgage Brokers are both social and analytical in nature. They need to build a solid trust with each of their clients, co-workers and local real estate companies. They rely on strong analytical skills to help them find the ideal lender for their client. They also need strong organizational skills, since they will manage multiple accounts simultaneously. In addition, potential employers are also looking for Mortgage Brokers with the following skills.

Core skills: Based on job listings we looked at, employers want Mortgage Broker with these core skills. If you want to work as a Mortgage Broker, focus on the following.

  • Knowing common mortgage products, programs and procedures
  • Understanding mortgage underwriting
  • Applying sales principles and techniques to promote and sell your company’s services
  • Knowing how to use Microsoft Office programs

Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your Mortgage Broker toolbox and broaden your career options.

  • Previous experience with the mortgage industry, preferably through previous employment as a loan processor, underwriter or closer
  • Understanding consultative sales methods

Mortgage Broker Q & A

Are you thinking about a career as a Mortgage Broker? It can be a very rewarding line of work, says Mark Kahn, director of sales at FM Home Loans. The best part of the job, he says, is “helping borrowers obtain their lifelong dream of becoming a home owner.”

Such gratification notwithstanding, says former Mortgage Broker Jamal Asskoumi, people considering entering the field “should be ready to work hard and take a risk.”

Here are more of the insights Kahn and Asskoumi shared with us.

What’s the most rewarding part about being a Mortgage Broker?

Asskoumi: One of the most rewarding parts of being a mortgage broker is the sincere relationships you build, both with clients and lending institutions. With both parties, they generally need to be able to trust you before they can work with, meaning these people have to become more than just work.

What is the biggest challenge faced by Mortgage Broker?

Asskoumi: Finding the best rate for your clients can become both daunting and stressful, everyone’s circumstances are different and finding a rate that best fits each individual is a difficult task.

What skills do you use every day?

Kahn: Finance, communication and people skills, leadership skills and managing expectations.

Who succeeds in this job?

Asskoumi: Be a people person who cares. It’s very easy to put on a front of happiness when a client walks through the door or calls you on the phone, being someone who actually listens and cares about the person is something completely different. A lot of this business is based on trust and trust isn’t something that is just given to you.

How should someone prepare for a career as a Mortgage Broker?

Kahn: A finance background does help, but the best way to prepare is to become a Loan Officer Assistant to get hands on experience with live loans.

Are there any misconceptions people have about being a Mortgage Broker?

Kahn: The mortgage industry is no longer a job, it’s a profession of highly skilled individuals, and it calls for reliable and hardworking professionals who know the industry and are willing to go to great lengths for their clients.

Asskoumi: While the pay may seem lucrative to those looking for a career as a Mortgage Broker, it’s a risk. We’re never guaranteed work and many of us do not receive yearly salaries.


Mortgage Broker Resources

After searching through multiple sites across the web, we’ve put together the following list of industry resources for anyone considering a career as a Mortgage Broker. This list below is packed with multiple options to both learn from and connect with other professionals.

On the Web

Mortgage Monkey – Gary Boyer’s website provides a cursory glimpse into the life of a mortgage broker, while also providing ‘Mortgage 101’ information for both potential clients and aspiring mortgage brokers.

The Truth About Mortgage – This comprehensive site thoroughly defines the vocabulary and relationships between lenders, brokers and clients. It includes additional information on loan types, refinancing, mortgage tips and more.

Investopedia – This finance-based dictionary is a useful tool for anyone preparing for or studying to become a Mortgage Broker. This website also includes a number of additional resources, such as tutorials, videos and even study guides for exams in finance related fields.

On LinkedIn

Loan Officer Mortgage Broker Training – This group offers information and education regarding national licensing for mortgage brokers and loan officers. They keep their members informed of the many changes happening in the industry, on both state and federal levels, which may require the compliance of Mortgage Brokers nationwide.

Mortgage Broker and Real Estate Agents – This group helps to bridge the gap between Mortgage Brokers, Realtors, Real Estate Agents, Sales Professionals and Loan Officers. In an industry where knowing the right people can be the difference between finding the next client and not, stay in touch with these experienced professionals to benefit from their wisdom and experience.

Ask An Inspector – Kent B. Sauber, an experienced home inspector, put together this LinkedIn group as a means for clients, fellow professionals and aspiring Mortgage Brokers to ask him questions. Want to know the in’s and out’s of valuing a property? Get them answered here.

Industry Groups

NAMB – This association of Mortgage Professionals is designed to both educate the aspiring Mortgage Professional and provide a number of membership benefits to established professionals, such as staying informed about changes in the industry, and specific services tailored to your needs on both state and federal levels.

UMBA – The UpFront Mortgage Brokers Association is a non-profit designed to educate and prepare Mortgage Brokers to better meet the needs of their clients. Mortgage Brokers who commit to this organization also commit to specific codes of conduct, in accordance with their individual state’s regulations.

Mortgage Broker Books

Mortgage Broker: The Ultimate Guide On How To Become A Successful Mortgage Broker – This book focuses on the skills, techniques and education required to become a “Six Figure Mortgage Broker.” This book includes how to find referrals for additional business, find clients, team up with local businesses and other underlying attributes the make a successful Mortgage Broker.

How to become a Mortgage Broker 101 – Rick Foxx, an industry veteran with 20 years of experience in the field, reviews the steps needed to attain a 6 figure income in this career path. He also includes how to gain a license, locate wholesale lenders and earn a living from the comfort of your own home.

The SAFE Mortgage Loan Originator National Exam Study Guide: Second Edition – A useful tool for aspiring Mortgage Brokers and a vital tool for students in the field, this study guide for the national exams is updated with the latest regulatory changes in the field. This book also provides a series of quizzes and practice exams to help you test your knowledge.


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