The duties of a mortgage broker basically include the selling of loans of banks and other financial companies to people looking for one. He is paid on a commission basis. He performs the following duties.
1. Mortgage brokers have to do an assessment of the borrowers' financial position before suggesting or sanctioning any loans through the collection of credit information. He verifies the borrowers' income as well.
2. Next, it is their duty to do some research to find out more about the loans most suited to the clients' needs.
3. Consultation with the client is next in line wherein the broker shortlists the best loans for the client. They also apply for pre-approval of the loans on the borrower's behalf.
4. Mortgage brokers' duties include ensuring a complete and thorough loan application by the borrower. This means they have to collect all the relevant paper work like pay stubs, credit history, bank statements and tax information of the borrower required for loan submission.
5. Within three days of their loan submission, the mortgage broker has to legally provide the borrower with a good faith estimate. This includes a list of costs associated with the loan.
Last, but not least, it is the mortgage broker's duty to explain all the terms and payment schedules to the borrower. It is essential that this is done with integrity and without withholding of any information that would be of great help to his client.  

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