Broker Jobs

By: EconomyWatch   Date: 1 October 2009

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Broker jobs essentially involve acting as an intermediary between a buyer and a seller. A broker is responsible for collecting relevant information about a borrower or a lender, depending on who the client is, in order to facilitate smooth and risk-free transactions.

Broker Jobs: Types 

Broker jobs differ according to the industry that the broker is associated with and the object of transaction. Most popular broker jobs include that of a:

Mortgage broker

A mortgage broker assists borrowers in finding the best-suited mortgage loans. Mortgage brokers speed-up the loan procedure as they maintain a substantial reserve of lender contacts and provide assistance with mortgage form completion. They are also approached by banks to identify and qualify borrowers. Common mortgage brokers include:

  • Pure Mortgage Brokers (PMB): are regular mortgage brokers who meet potential buyers and evaluate their financial situation. Thereafter, they collect funds from the borrowers to pay the third-party.
  • Correspondent Mortgage Brokers (CMB): collect funds from a bank or any other entity and advance loans in their own name. Therefore, a CMB is identified as a lender on the final loan documents.
  • Lending Mortgage Brokers (LMB): use their own line of credit to provide loans and funding to borrowers. In this scenario, the LMB bears complete risk of loan defaults and interest rate fluctuations.

Real estate broker

The most common category of brokers, real estate brokers deal in selling and purchasing real estate properties, such as apartments, condos and villas. Depending on who the client is, a real estate broker searches and negotiates for the maximum selling or minimum purchasing price. They are also responsible for other tasks, such as:

  • Advertising a property,
  • Inspecting the plumbing/wiring of a property and
  • Screening the prospective buyers to assess their financial health.

Forex brokers

Forex brokers can be employees of firms that provide assistance in trading successfully in foreign exchange. Such brokers earn with respect to ‘spread’, which implies the minimum price hike in a currency. Common forex broker jobs include that of a:

  • Discount broker: S/he provides limited services and thereby charges lower commissions.
  • Full service broker: S/he charges higher commissions since s/he offers more comprehensive services, including complete investment advice.

Besides these, brokerage jobs can also be found in numerous other sectors, such as insurance, merchandising and shipping.


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