Job Responsibilities
My responsibilities are to contact attorney offices and
lenders. I schedule a closing date with both parties in time
before the borrower's rate expiration date. I handle both
purchases and refinances. I then prepare documents-each lender
has a different process-that the borrowers and attorneys will
sign at the closing table. I order funding for the borrower's
loan. Some lenders offer everything online, while some have to
be done manually and faxed or mailed. I work with attorneys in
every state my company is licensed to broker in.
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Job Requirements
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Uppers
The best part is that I am able to speak with people in many different states.
In this way I build relationships with attorneys and lenders. My office has
about 80 employees, but I work in a department of closers with 4 other women.
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Downers
The sales people are all men, and make more money. Also there
is enormous time pressure on some loans, but this can be
exciting. There is high turnover in this industry and my
company does not convey a sense of job security.
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Lifestyle
Dress code is business casual. If you are a woman, you will have to fight hard
if you wish to sell loans. These positions are often commission-based. If you
are male, you will be pushed to sell. My company orders lunch for all non-sales
positions each day for free.
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Compensation
At entry level, I made $30K and received a $2K raise when I was
promoted to a slightly higher position. Those without college
degrees may make less. You may have to ask for a raise. Sales
people can make over $100K.
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Advice to Jobseekers
There are many different mortgage broker companies. I am not
sure how long the industry will last, with many people handling
their own loans. However, it is a fun industry and can be
challenging and rewarding.
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