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Commercial mortgage broker The commercial mortgage broker is not just knowledgeable and skilled in dealing with residential mortgages. This person is also adept at handling commercial mortgages, which are loans secured against commercial real estate properties and released to business entities and not individuals. To be a successful commercial mortgage broker, a person must develop several sets of skills. One set of skill is the ability to differentiate one type loan from another. This includes knowledge about various loan programs such as escrow agreements, PMI, loan-to-value ratios, adjustable rate loans, and construction-permanent loans. Another set of skills is the ability to explain and implement federal and state laws regarding mortgages and loans. This includes a solid background on concepts such as the Equal Credit Opportunity, the Fair Housing Law, the Truth-in-Lending Act, the RESPA and the FCRA. And still another set of skills is the ability to process the loan, which includes in-depth know-how of credit scoring, employment verification, action codes, red flags, appraisal reports, and refinancing worksheets. And finally, it must not be forgotten that mortgage brokerage is a people-oriented service. The commercial mortgage broker must have excellent people skills. They should be able to explain clearly the real estate mortgage terms such as APRs and GFEs. They should also project enthusiasm and sincerity. And most important of all, they should show integrity and develop trust in their clients. |