A mortgage broker has several different responsibilities on their plate, most of which are hinged around their job as an intermediary between lenders and borrowers. They act like affiliates to lenders they are approved to do business with and sell loans for these lenders, while at the same time they are supposed to be looking out for the best interests of their clients.
First off, a mortgage broker is usually a commission only sales job. You can get your license and work for another broker, lender or mortgage banker. Typically their jobs consists of the marketing of mortgages and themselves along with sales and customer service during the loan process.
Most experts believe that a brokers job mainly consists of marketing and sales. This is to attract potential clients, and to let the community know of the services offered by the broker. Next, they will assess the borrowing power of the one needing the mortgage to determine what they are capable of borrowing. This is done through interviews and paperwork where things like credit, income, and history are brought into the process. The broker will also assess the local mortgage market to find the best deal for their client.
Once this is done, the mortgage broker applies for loans on behalf of the borrower, and attempts to pre-approve his client. This usually includes collecting sensitive documentation, such as payslips, bank statements, and other information.
Once the lender application form has been completed, the broker is there to discuss all of the legal components of the process to the borrower so that they understand everything that they need to. And finally, a mortgage broker will submit all the necessary information to the lender so that they borrower can be approved for the loan that he/she requires.
This is not an easy process, and a mortgage broker that you trust can really help make a difference.