A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. Typically, a mortgage advisor is paid by the lender based on the loan he or she successfully placed with a lender.
The income for a mortgage broker is lucrative. There are little over-head costs to become a mortgage broker. The biggest attraction beside the money is the freedom to work their own hours in an industry that has unlimited demand for the service.
The tasks and responsiblities of a mortgage advisor are:
> Marketing to attract clients
> Assessing borrowers circumstances, including credit history and incomes.
> Assessing the market to find a mortgage product that fits the clients needs.
> Getting a pre-approval or approval from the lender(s)
> Gathering all needed documents like paystubs, bank statements, employment letter, etc.
> For strata propertries, ensure all required documents are gathered for the lender.
> Explaining the legal disclosures and forward Solicitor contact to lender.
The success of a mortgage broker is largely dependent on the broker office that he or she is associated with. Beside support from the brokerage management, training and the tools available, a mortgage broker in a reputable mortgage broker office enjoys better name recognition and higher business origination.