What is a Mortgage Broker Assistant?
Mortgage broker assistants work alongside mortgage brokers, helping to coordinate communication and other interactions among title and mortgage companies, real estate agents and escrow agents. Their job duties might include creating and maintaining files for new real estate transactions, sending disclosures to all necessary parties, and ensuring that escrow and other deadlines are met. They also might take part in negotiations during escrow, in addition to performing regular office management duties, such as answering phone calls and drafting emails and letters to clients.
|Educational Requirements||Postsecondary real estate courses; some employers prefer candidates with a bachelor's degree|
|Job Skills||Customer service, written and oral communication, organizational, attention to detail, computer proficiency|
|Median Salary (2020)*||$44,052 (for broker assistants in general)|
|Job Outlook (2018-2028)**||7% (for real estate brokers)|
Sources: *PayScale.com, **U.S. Bureau of Labor Statistics
At minimum, prospective mortgage broker assistants typically must complete some postsecondary real estate courses. These courses usually cover topics like the appraisal and escrow processes, real estate principles and practice, business law, finance, general accounting and property management.
Some employers prefer candidates with more advanced education, such as a bachelor's degree in real estate or a related field. These programs generally address the topics noted above, as well as core business subjects, like micro- and macroeconomics, financial management and management information systems. They also might include classes in land use policy, comparative markets and market analysis specific to real estate.
Because they interact with representatives of several real estate entities, mortgage broker assistants need excellent customer service skills, as well as strong written and oral communication skills. They also must have top-notch organizational skills and pay close attention to detail to ensure that no step in the real estate process is missed and that all files are accurate and legally compliant. Since they often have office management duties, mortgage broker assistants need to be proficient with computers, particularly displaying mastery of Microsoft Office Suite.
Depending on the employer, mortgage broker assistants might need a real estate license. Licensure requirements vary by state but typically require a combination of education and experience. For example, in Maryland, to earn a real estate broker license, one must complete a real estate course, including three hours of ethics training; have three years' experience as a licensed real estate agent; and pass an exam given by the Maryland Real Estate Commission.
Career Outlook and Salary
For career outlook purposes, the U.S. Bureau of Labor Statistics classifies broker assistants in the larger category of real estate brokers. These professionals were expected to see 7% job growth between 2018 and 2028, which was faster than average. PayScale.com reported that broker assistants in general earned a median annual salary of $44,052 as of May 2020.
Prospective mortgage broker assistants also might want to learn more about the following careers: