mortgage-broker/references/tasks.md

Tasks & work activities — mortgage broker

Source: O*NET 30.3, occupation 43-4131.00 (Loan Interviewers and Clerks).

Task statements

• [Core] Verify and examine information and accuracy of loan application and closing documents.
• [Core] Interview loan applicants to obtain personal and financial data and to assist in completing applications.
• [Core] Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
• [Core] Answer questions and advise customers regarding loans and transactions.
• [Core] Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
• [Core] Record applications for loan and credit, loan information, and disbursements of funds, using computers.
• [Core] Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
• [Core] Present loan and repayment schedules to customers.
• [Core] Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
• [Core] Check value of customer collateral to be held as loan security.
• [Core] Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
• [Core] File and maintain loan records.
• [Core] Submit loan applications with recommendation for underwriting approval.
• [Core] Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
• [Supplemental] Schedule and conduct closings of mortgage transactions.
• [Supplemental] Accept payment on accounts.
• [Supplemental] Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
• [Supplemental] Establish credit limits and grant extensions of credit on overdue accounts.

Detailed work activities

• Arrange insurance coverage.
• Calculate financial data.
• Collect deposits, payments or fees.
• Compile data or documentation.
• Determine the value of goods or services.
• Discuss account status or activity with customers or patrons.
• Interview employees, customers, or others to collect information.
• Maintain financial or account records.
• Monitor financial information.
• Negotiate financial arrangements.
• Obtain personal or financial information about customers or applicants.
• Prepare business correspondence.
• Prepare documentation for contracts, transactions, or regulatory compliance.
• Provide notifications to customers or patrons.
• Schedule appointments.
• Type documents.
• Verify accuracy of financial or transactional data.