A mortgage consultant is a licensed professional who connects the borrowers with the mortgage lenders. A mortgage consultant can help you apply for a new mortgage or advise on a mortgage refinance. They work with borrowers to get loans. In other words, It is a professional who helps the customers and businesses to identify the best option for mortgage deals based on their financial resources. In order to maintain an excellent relationship with clients. The mortgage consultants must possess a broad knowledge of the company’s products to answer all the client’s queries and concerns.
Roles and Responsibilities-
Mortgage consultants may assist the clients to gather and interpret documents that are required for loan approval. Hence, create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for the clients. Here are some responsibilities that the mortgage consultants may perform in their roles, such as –
- Help in managing all aspects of home mortgage origination, processing, and closing for purchase and refinancing of loans such as prime and sub-prime loans.
- Establish strong client relationships by counseling borrowers and effectively managing the mortgage process from the initial loan application through closing.
- Help in identifying conventional and government (FHA, VA, and USDA) loan program requirements.
- Originate the secondary market mortgage loans such as FHA, VA, USDA, and conventional products.
- Help in originating the retail loan applications (such as FNMA, FHLMC, AND GNMA) in a national direct lender setting.
- Originate loans using the conforming and non-conforming standards set forth by bank policy as well as FNMA, FHA, and VA.
- Maintain current license with NMLS and be up to date on all the mortgage brokerage laws and regulations.
Help in originating and processing
- Help in originating and processing mortgage loan such as FHA, VA, conforming, and non-conforming loans.
- Apply the proper funding procedures. As well as get the essential documentation in order to disburse under the RESPA guidelines.
- Train in all aspects of updated banking laws regarding RESPA, HMDA, new TIL compliance, and GFE procedures.
- Representing several lenders, beneficence conforming/conventional, jumbo, FHA, VA, and other government lending products.
- Help in developing and maintaining relationships with realtors, attorneys, financial planners, and CPAs to generate self-originate business.
- Foster community relationships between lenders and clients to ensure a positive outcome for financing requirements.
- Cultivate and maintain strong relationships with outside referral sources such as realtors, builders, CPAs, attorneys.
- Train and supervise several employees in presentation and communication.
- Establish positive communication skills necessary to draw interest from industry affiliates, thus providing continuous lender recognition for employers.
What does Mortgage Consultant do?
There are certain skills that many mortgage consultants have in order to accomplish their responsibilities. By looking through various mortgage consultants resumes. We could narrow down some of the common skills for a person in this position. Some skills that one needs to look for in a mortgage consultant are–oriented, initiative, and interpersonal skills. When it comes to the most important skills required to be a mortgage consultants, it is found that over 21% of mortgage consultants include customer service as their top skill while 13.9% listed loan portfolio as their top skill, and over 7.2% include NMLS. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to seeking a job, many mortgages search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might miss jobs that you never thought about in industries that you did not even think offered positions pertinent to the loan officer job title. But what industry to start with? Most mortgage consultants actually find jobs in the finance and retail industries.
How much does an individual mortgage consultant make in California?
The average mortgage consultant salary in California is $52,162 as according to the latest stat of NMLS as of April 27, 2021, but the range typically falls between $46,866 and $58,325.
How to become a Mortgage Consultant?
If an individual is interested in becoming a mortgage consultant, one of the first things that one needs to consider is how much education an individual needs. According to the NMLS stats, we have determined that 52.8% of mortgage consultants have a bachelor’s degree. In terms of higher education levels, it is found that 10.2% of mortgage consultants have master’s degrees. Even though most of the mortgage consultants have a college degree, but apart from this, it is possible to become one with only a high school degree or GED.
Becoming a mortgage broker/consultant is stressful. Even after hours of seeking the best loan officer, you could miss out on the lowest mortgage rates. So, culling the right major is always a crucial step when scrutinizing how to become a mortgage consultant. When we researched the most common majors for a loan officer, it is found that most loan officer earn bachelor’s degrees or associate degrees in business or finance as well as adequate experience in a relevant role and an appropriate loan officer license.
Other degree that we often seen in the loan officer resume include high school diploma degree or master’s degree. In fact, many loan officer jobs require experience in a role such as a loan officer. Meanwhile, many of the mortgage consultants also have previous career experience in roles such as account executive or branch manager. Moreover, a loan officer must have a good set of communication skills, client relations, time management, and an organization to succeed in this role.
Mortgage broker V/s Mortgage consultant
- A mortgage broker is a loan officer engaged by a lender whose job is to cicerone you to a specific, loan product offered by the bank or financial institution with which they are correlated. Mortgage consultant is a licensed professional who have an area of expertise i.e. they specialize in residential home purchasing lending.
- Mortgage broker has access to the bank’s products only. While, on the other hand, mortgage consultants working with the power of a large broker behind them can have access to all available mortgage products.
- Mortgage brokers work in the strict time foundation of 9 am to 5 pm from Monday to Friday. While on the other hand, a mortgage consultant can work whenever the deal needs work.
Why Us?
The process of learning how to become a Mortgage Consultant in the United State is not difficult. For the right person, working as a loan officer can be a rewarding and prosperous career path. If you had like to apply to become a Mortgage Consultant in United States. You can search for the best mortgage broker near you i.e. Real Estate Diary.
Frequently Asked Questions:
What does a mortgage consultant do?
Mortgage consultant mainly helps people find. Moreover, they help people to apply for mortgages that suit their situations. Often, they work with lenders and real estate agents to source mortgage options.
How does a mortgage consultant get paid?
Mortgage consultant commissions or fees are oftentimes paid by the lender after the loan has closed, so working with a loan officer should not affect your loan amount. The loan officer commission depends. However, it hardly ranges from 0.50% to 2.75% of loan principal.
How much is a mortgage consultant?
Whenever lenders compensate with a mortgage consultant, they hardly pay between 0.5% and 2.75% of the total amount of the loan.
Is a mortgage consultant a good job?
As per the Bureau of Labor Statistics (BLS), a career in mortgage consultant will have an increase in demand between 2016 and 2026. This rate is much more than the national average for all careers, making a job as a mortgage consultant is an excellent option for those interested in the finance field.
What is the difference between a mortgage broker and a mortgage consultant?
The main difference between a mortgage broker and a mortgage consultant is that a loan officer works directly for a lender while a broker is an middleman between borrower and lender that does not work. In this manner, a broker can look for loans from several different parties.
How do I become a mortgage consultant?
To become a mortgage consultant, you must have a high school diploma and a license. You also have an accurate certifications. You should posse’s analytical, negotiation, as well as communication skills.
Does mortgage consultant make commission?
Yes, a mortgage consultant makes commission, which is paid by you, by the lender. If you work with a loan officer, the industry norm for them is to charge you an origination fee equal to 1% of the loan amount.
What does a junior mortgage consultant do?
The junior mortgage consultant works alongside a senior mortgage consultant to find potential home loan mortgage applicants, help them to solve the loan process, and help in closing the transaction of mortgage loan.
How do I become a loan consultant?
To become a loan consultant, you will have to apply for your NMLS account and ID number. After that, you will have to complete your NMLS pre-license education, pass NMLS mortgage licensing exam, apply for a CA MLO license and complete a background check and pay all fees.
