Mortgage Brokers evaluate applicants' financial backgrounds. They decide whether applicants will receive loans.

   Mortgage Brokers interview applicants and review their applications with them. When they find information is missing, they ask applicants about it. Loan officers also review applications after the interview to make sure they are complete. In addition, they analyze the applicants' financial status. They determine the value of property that is offered to secure the loan. They also check the value of the item, such as a car or house, that the loan is for. Next, they send applications to credit analysts and read the reports they receive. They may contact applicants and ask them additional questions based on concerns raised by the credit analysts. Officers may re-calculate the loan payment schedule based on new information from applicants. They may also talk to underwriters about some loans.

   Once mortgage brokers are satisfied they have enough information, they submit the loan to a lender for approval. Based on the committee's recommendation, mortgage brokers approve or deny the loan request. They may also approve a smaller loan than the applicant asked for. Finally, loan officers fill out the final paperwork with applicants. They explain the completed loan papers, payment schedule, and terms to the borrowers.

   Many mortgage brokers examine the market for the possibility of new loan business. They make sales calls to potential borrowers. Some negotiate sales of groups of loans to investors.

   Some mortgage brokers collect past due loans. First they try to set up a new payment plan with borrowers. If that does not work, loan officers prepare legal documents asking for the property the loan was for. They then arrange for the care and sale of the property.

   Mortgage brokers often specialize in certain types of loans, such as commercial, installment, agricultural, or real estate. They use computers to process data, track loans, and organize their work. They often supervise clerks in the preparation of loan documents.

   Other titles and keywords for the career(s) above include: Mortgage Banker, Mortgage Broker, Mortgage Brokers, Mortgage Consultant, Mortgage Loan Officer, Mortgage Originator, Mortgage Specialist, and a Loan Broker.