Part of the dynamics and interactions that take place as part of this connection and exchange in this mediation-type role as a mortgage broker, has to do with unearthing opportunity, matching up need with best-fit product, both big picture and little detail type problem-solving, comparison shopping, due diligence, networking and communication, interpreting documents, rate sheets etc.
Here is just some of what to expect, whichever side of the fence or paperwork you find yourself:
– Determining borrower’s needs can be more than merely paperwork
– There are principles and techniques involved in needs analysis and fact finding that you need to be trained to handle.
– Confidence will grow over time as you get more practice with it.
Here are some of the softer skills and interpersonal requirements that could make or break a mortgage broker professional (independent or affiliated):
– Analyze a scenario to identify potential solutions to the borrower’s requirements.
– Attitude and aptitude
– Borrower qualification process and protocol mortgage underwriting process, basic underwriting principles, role of appraisals in determining value, interpreting an appraisal to decode the valuation, value-equation, crunch the numbers properly
– Building rapport, trust and providing information, facts, guidance and advice.
– Building your own knowledge, competency and prowess at selecting the most appropriate mortgage products and strategies to match a specific client’s needs.
– Complete all documentation accurately and completely.
– Consumer focus, consumer centric service orientation,
– Discuss differences in submitting applications to private and institutional lenders. Investor disclosure, Second mortgages and other variations.
– Discuss the circumstances in which an application is rejected or referred elsewhere.
– Discuss the role of the credit report in validating an application. Analyze the impact of a given credit report on an application.
– Explain the purpose and content of documents related to the mortgage application process.
– Gather supporting documentation to qualify a client against lender guidelines (e.g., financial statements, notice of assessments, net worth statements).
– Hidden application truths and how to get at them,
– Interview skills
– Obtain commitment from an appropriate lending source
– Perform required calculations to qualify the borrower.
– Product knowledge (lenders, mortgage insurers, other related insurers
– Question, inquiry type techniques, (relevant information about client situation),
– Respect privacy and assess borrower documentation, through case studies,
– Such as title insurers and creditor insurers); products, programs, trends, lender specifications, conditions, basic underwriting principles, second mortgages and other variations, private mortgages