Mortgage Broker Salaries
Mortgage Brokers: Salary Figures
Mortgage Brokers: Skill Sets
- Business or financial educational background and training.
- Strong acumen for numbers.
- Strengths as a salesperson or prospector.
- Competency working with computers.
- Understanding of regulatory affairs affecting real estate and loan commerce.
- People Skills.
- Analytical Skills.
- Scruples as opposed to being unscrupulous and solely interested in making money at any cost to the borrower.
- Energy, verve to work long hours.
Additionally, lenders are becoming encouraged to educate clients so that they can make a smart, well-educated mortgage decision; it is helpful for them to also be:
- Good listeners.
- Detailed communicators.
- Formidable lender network. Networks are important because relationships are the key to a banker-broker's success. More true for brokers than bankers, well established lender connections are brokers' assurance that the loan packages they submit will be elevated to higher priority standings.
- Lightning-fast, razor-sharp evaluation abilities. Evaluation abilities are important because both bankers and brokers base their success on being able to pick good credit risks and, as such, they need to be able decipher the real net income of the loan candidate without having to put in an excessive amount of time. The idea is for Brokers to come to the point where, based upon preliminary financial information, they can assess loan candidates from the get-go to decide whether to accept them as clients or to turn them down.
Mortgage Bankers and Brokers: Job Forecast
As stated by Doug Duncan, Chief Economist for the Mortgage Bankers Association, the national association representing the retail financing industry, "Continued consolidation is to be expected in the industry. We have not yet seen fully the impact of the credit shock to the U.S. and world economies, and the severity of that impact and how we move forword will depend on how long it takes for the markets to return to normal functioning."
Yet, for those interested in getting into the field, this current state of the industry overview should not necessarily impede anyone's decision.
Real Estate Financial Industry: Conclusion
In light of such optimism, it remains clear that professionally trained lenders will be needed; specifically those who understand the environment and come to regard each client's situation as if it were a unique scenario with its own customized lending solution.
This then will allow mortgage Brokers to approach each transaction anew, incorporating newly minted practices and policies, for example, a duty of care and more intensive evaluations of borrowers' repayment abilities.
- Types of Mortgage Loans: Fixed and Adjustable Rate Mortgages (ARMs)
- Mortgage Banker and Mortgage Broker Careers
- The Mortgage Loan Package and Application
- Mortgage Interest, Points, and Annual Percentage Rates
- The Mortgage Loan Process
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