Everything about mortgage brokerage
What skills and knowledge does a mortgage broker need to possess? What is a typical day like? What about compensation? Is this area of practice for you? Continue reading to find out.
The attributes needed by a good mortgage broker are a little bit different from those of a real estate broker. Contenders for this profession must love to play with numbers and be skilled at analyzing and finding solutions for their clients. Thoroughness and attention to detail are also needed in order to keep a close eye on files in progress.
Knowledge and interests of the mortgage broker:
- Ability to explain complex terms;
- Ability to familiarize himself with hundreds of mortgage products and to compare them to highlight their pros and cons;
- Familiarity with various computer tools, as most lender platforms are computerized;
- Ability to manage budgets and to keep records, registers and accounts;
- Understanding of the economic factors that impact the real estate market;
- Ability to manage stress and meet deadlines;
- Knowledge of the laws and regulations that govern real estate and mortgage brokerage;
- Familiarity with the vocabulary of real estate and mortgage brokerage.
Mortgage brokers are currently remunerated in two ways:
- A broker acting on behalf of a banner is paid a base salary plus commission, as applicable;
- An independent broker is paid by commission only.