Profession mortgage broker

Mortgage brokers handle mortgage loan applications from clients, collect loan documentation and search for new mortgage lending opportunities. They complete and close mortgage loan processes for their clients.

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Personality Type

• Enterprising / Conventional

Knowledge

• Securities

  The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.

• Banking activities

  The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.

• Credit control processes

  The various techniques and procedures applied to ensure that credit is given to the suitable customers and that they pay on time.  

• Tax legislation

  Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.

• Mortgage loans

  The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.

• Property law

  The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

• Actuarial science

  The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.

• Real estate underwriting

  The process of evaluating applications for loans in real estate activities in which not only the prospective borrower but also the property being traded in is evaluated in order to assess whether the property will be capable of redeeming its value.

Skills

• Decide on loan applications

  Take into account the risk assessment and analysis and perform the final reviewing of the loan application in order to approve or deny the loan, and set in motion the necessary procedures following the decision.

• Provide support in financial calculation

  Provide colleagues, clients or other parties with financial support for complex files or calculations.

• Monitor loan portfolio

  Control the ongoing credit commitments in order to detect anomalies related to the schedules, refinancing, approval limits etc., and to identify improper disbursements.

• Negotiate loan agreements

  Negotiate with banking professionals or other parties functioning as lenders in order to negotiate the interest rates and other aspects of the loan contract in order to obtain the most beneficial agreement for the borrower.

• Examine mortgage loan documents

  Examine documents from mortgage borrowers or from financial institutions, such as banks or credit unions, relating to a loan secured on a property in order to examine the payment history of the loan, the financial state of the bank or borrower, and other relevant information in order to assess the further course of action.

• Obtain financial information

  Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.

• Maintain credit history of clients

  Create and maintain the credit history of clients with relevant transactions, supporting documents, and details of their financial activities. Keep these documents updated in case of analysis and disclosure.

• Maintain client debt records

  Preserve a list with the debt records of clients and update it regularly

• Assess mortgage risk

  Assess whether the borrowers of a mortgage loan are likely to pay back the loans in a timely manner, and whether the property fixed in the mortgage is able to redeem the value of the loan. Assess all the risks involved for the lending party, and whether it would be beneficial to grant the loan or not.

• Collect property financial information

  Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property's value.

• Moderate in negotiations

  Oversee negotiations between two parties as a neutral witness to ensure that the negotiations occur in a friendly and productive manner, that a compromise is reached, and that everything is compliant with legal regulations.

• Interview bank loanees

  Perform interviews with candidates requesting a bank loan for different purposes. Pose questions in order to test the goodwill and the financial means of candidates for paying back the loan.

• Manage loan applications

  Manage the application process for loans from the process of interviewing the applicant and reviewing the documentation, assessing the risks, and accepting or denying the loan and ensuring compliance with the underwriting process.

• Inform on interest rates

  Inform prospective borrowers on the rate at which compensation fees for use of assets, such as borrowed money, is paid to the lender, and at which percentage of the loan the interest stands.

Optional knowledge and skills

Source: Sisyphus ODB