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Become A Home Mortgage Consultant

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Working As A Home Mortgage Consultant

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $57,635

    Average Salary

What Does A Home Mortgage Consultant Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Home Mortgage Consultant

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Home Mortgage Consultant Videos

Life of a Mortgage Loan Officer

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Home Mortgage Consultant Career Paths

Home Mortgage Consultant
Mortgage Specialist Senior Loan Officer Personal Banker
Bank Manager
5 Yearsyrs
Account Manager Account Executive Personal Banker
Banking Center Manager
5 Yearsyrs
Mortgage Loan Processor Loan Officer Branch Manager
Branch Sales Manager
6 Yearsyrs
Mortgage Specialist Mortgage Consultant Relationship Manager
Business Development Officer
7 Yearsyrs
Realtor Personal Banker Business Banker
Business Relationship Manager
9 Yearsyrs
Mortgage Underwriter Asset Manager Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Finance Advisor Assistant Vice President Operations Vice President
Executive Vice President Of Operations
13 Yearsyrs
Finance Advisor Sales Consultant Personal Banker
Finance Center Manager
6 Yearsyrs
Loan Coordinator Underwriter Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Loan Documentation Specialist Senior Loan Processor Loss Mitigation Specialist
Loss Control Manager
7 Yearsyrs
Loan Consultant Account Executive Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Realtor Finance Advisor Managing Partner
Manager/Partner
7 Yearsyrs
Mortgage Underwriter Real Estate Agent Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Mortgage Loan Processor Office Manager Account Manager
Territory Account Manager
8 Yearsyrs
Loan Coordinator Senior Loan Processor Senior Underwriter
Underwriting Director
9 Yearsyrs
Loan Consultant Mortgage Consultant Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Business Analyst Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Account Manager Senior Project Manager Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Do you work as a Home Mortgage Consultant?

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Do you work as a Home Mortgage Consultant?

Home Mortgage Consultant Demographics

Gender

Male

60.6%

Female

38.1%

Unknown

1.4%
Ethnicity

White

62.6%

Hispanic or Latino

16.9%

Black or African American

9.6%

Asian

7.0%

Unknown

3.9%
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Foreign Languages Spoken

Spanish

58.9%

French

8.9%

Portuguese

7.1%

Armenian

3.6%

Arabic

3.6%

Italian

3.6%

Hindi

1.8%

Chinese

1.8%

Gujarati

1.8%

Marathi

1.8%

Greek

1.8%

Persian

1.8%

Urdu

1.8%

Carrier

1.8%
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Home Mortgage Consultant Education

Schools

University of Phoenix

25.7%

Iowa State University

10.3%

University of Northern Iowa

5.7%

Saint Cloud State University

4.6%

Pennsylvania State University

4.0%

University of Florida

4.0%

University of North Dakota

3.4%

New York University

3.4%

Arizona State University

3.4%

Southern Illinois University Carbondale

3.4%

Boise State University

3.4%

San Diego State University

3.4%

University of Central Florida

3.4%

University of Missouri - Saint Louis

3.4%

University of North Carolina at Charlotte

3.4%

Washington State University

3.4%

Texas A&M University

2.9%

University of Colorado at Boulder

2.9%

University of Wisconsin - Milwaukee

2.9%

University of Texas at El Paso

2.9%
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Majors

Business

40.9%

Finance

11.2%

Marketing

8.0%

Accounting

5.2%

Management

4.9%

Communication

4.0%

Economics

3.5%

Criminal Justice

2.7%

Psychology

2.5%

Real Estate

2.1%

Education

2.0%

Political Science

1.9%

Human Resources Management

1.6%

Computer Science

1.5%

Liberal Arts

1.5%

General Studies

1.4%

General Sales

1.4%

Kinesiology

1.3%

History

1.1%

Computer Information Systems

1.1%
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Degrees

Bachelors

53.0%

Other

21.8%

Masters

12.6%

Associate

6.8%

Certificate

3.3%

License

0.8%

Diploma

0.8%

Doctorate

0.8%
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Home Mortgage Consultant Videos

Life of a Mortgage Loan Officer

What is a Mortgage Broker? Why Use One?

What's It Like To Be A Mortgage Broker

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Top Skills for A Home Mortgage Consultant

  1. Loan Applications
  2. Financial Professionals
  3. Real Estate Professionals
You can check out examples of real life uses of top skills on resumes here:
  • Monitored the expedient processing of loan applications through regular contact with lending assistants.
  • Set up meetings with local home sellers, real estate professionals, lawyers and contractors to find prospective and referral loans.
  • Demonstrated Excellent customer service and customer satisfaction with borrowers as measured by the Citizens Fidelity Customer Survey.
  • Originate Home Loans FHA/VA/Conventional/USDA Marketing Sales Compliance Management
  • Created and executed custom tailored co-marketing plans for various industry professionals specifically real estate agents

How Would You Rate Working As a Home Mortgage Consultant?

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Top Home Mortgage Consultant Employers

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Jobs From Top Home Mortgage Consultant Employers

Home Mortgage Consultant Videos

Life of a Mortgage Loan Officer

What is a Mortgage Broker? Why Use One?

What's It Like To Be A Mortgage Broker

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