A broker acts as an intermediary between a borrower and a lender in the banking industry. Usually a broker will have expertise in specific sectors within the banking industry, such as mortgages, loans or commodities.
A person in this role will usually work with several lenders to ensure that they are able to find the best deal for their client. They will act with the ethical interests of the borrower in order to help them to organize a loan. Duties of the job holder include analyzing the borrower’s credit history to determine their credit worthiness, finding the lender who is most appropriate for the borrower, and negotiating the loan terms on behalf of their client.
It is possible for brokers to work independently of a financial organization and in this case, they may not possess a bachelor’s degree. However, many financial institutions require the job holder to possess a degree in a finance-related discipline at entry level. The position holder must ensure they keep up with the latest market trends and interest rates.
The typical salary for this role when working for a financial institution is between C
$30,000 and C
$50,000.