Mortgage Broker Duties

A broker’s approach to their work can vary based upon their offerings and services that they provide to their customer base. Below are just a few items they may focus upon where mortgage refinance and second mortgage loans come into play.

• Taking a role in marketing their services to the public: Although this item seems elementary, there is a significant amount of mortgage professionals in Ontario that are competing for business where mortgages are concerned. A savvy professional will need to find a balance on how to market their offerings in order to get the biggest return for their advertising dollars.
• Fine tuning their skills in the market place and continuing education: Not every mortgage agent is cut out to do the job of a select few, who go above an beyond for their clients where a home equity loan in concerned. That is why it is important for a mortgage broker to constantly fine tuning their skills in order to offer their clients the best products and borrowing solutions.
• Establishing strong connections with the best mortgage lenders in Ontario: This should be an ongoing project for the professional who is looking to make a name for themselves in the industry and to be known as one who takes his clients need seriously by having a roster of mortgage lenders that are reliable an non-predatory.
• Setting the correct expectations with the client prior to funding any mortgage loan: It is critical that the agent know his client’s financial picture implicitly to know what would make sense for the them going forward, whether it be a first, second or third mortgage. Sometimes, it is ethical to not take the business if the event the client is not suitable for lending purposes.
• Reviewing and collecting all relevant financial information from the client: The agent should have a system in place to collect all relevant information and be able to forward the same to the lender in a timely manner to secure a mortgage approval.
• Entering in all necessary data into the lending system and submitting to the lender: Accuracy is key in this area and it requires attention to detail to make sure the submission reflects the clients position accurately.
• Providing legal disclosures to the client in a manner that is easy to understand: In most cases, the provincial regulator does provide direction where this is concerned as mortgage brokering is highly regulated in the province of Ontario
• Forwarding the required documents to the lender as soon as possible to acquire a broker complete file: There should be no lag on the mortgage agents end and all information needs to be sent as soon as received or when possible to the potential bank or lender.
• Making sure that the services provided offer a benefit to the client: It is very important that clients can see the savings or benefits of the services provided.