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Part of the lively communications that take put as part of this relationship and exchange in this mediation-type role as a mortgage broker, has to do with detection 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 official procedure 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 |
