General Description: 

A mortgage broker brings borrowers and lenders together for the purpose of obtaining a home mortgage loan. The broker works with the loan applicant to obtain a loan product that is cost effective and also assists the lender through the loan application process.

Mortgage banking is regulated by numerous federal laws and enforcement agencies (as well as state laws or licensing boards). Individuals interested in becoming either mortgage brokers should check with their state for specific educational and experience requirements (Mortgage Broker License Information)

According to www.lendercareers.com,  Mortgage brokerage firms and mortgage lenders generally hire individuals with:

• Previous sales experience and demonstrated potential to transfer skills to mortgage origination
• Excellent communication and interpersonal skills (bilingual abilities a plus)
• College degree or equivalent
• Personal computer skills and typing skills
• Ability to work flexible hours (including nights and weekends)

Options for Flexibility:

Mortgage brokers often work out of their home or car, visiting offices or homes of clients while completing loan applications.  Very busy brokers can put in a lot of hours, while other brokers are happy earning less with a smaller caseload.  You can sometimes team up with another broker to "job-share" clients.

Earnings fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.

Resources for Further Exploration: 

Associations:

Mortgage Bankers Association of America

National Association of Mortgage Brokers

Books: