1. University of Pennsylvania
Philadelphia, PA • Private
A mortgage consultant helps customers and businesses identify the best option for mortgage deals considering their financial resources. With their knowledge of the company's products, he/she answers all the queries and concerns of the clients. He/She assists the client in gathering and analyzing documents that are required for loan approval and helps them create accurate mortgage information. Additionally, he/she builds relationships with banks and real estate agents to help promote bank mortgages for clients. Lastly, he/she negotiates rates and terms with lenders to aid the refinancing of existing mortgages.
Becoming a mortgage consultant requires just a high school diploma and a license. However, if you want to specialize in commercial mortgages, you need a bachelor's degree in economics or finance. Having relevant certifications is a plus. You must possess analytical, negotiation, and communication skills. Mortgage consultants make an average salary of $40,264 annually, equivalent to $19.36 per hour. This varies from $28,000 to $56,000.
There are certain skills that many mortgage consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
If you're interested in becoming a mortgage consultant, one of the first things to consider is how much education you need. We've determined that 66.6% of mortgage consultants have a bachelor's degree. In terms of higher education levels, we found that 6.5% of mortgage consultants have master's degrees. Even though most mortgage consultants have a college degree, it's possible to become one with only a high school degree or GED.
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a mortgage consultant can determine their career goals through the career progression. For example, they could start out with a role such as account executive, progress to a title such as store manager and then eventually end up with the title manager, assistant vice president.
What Am I Worth?
The role of a mortgage consultant includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general mortgage consultant responsibilities:
There are several types of mortgage consultant, including:
Consultants are essential to businesses that want to improve their performance. Typically, consultants advise these businesses in many areas such as operations, profitability, management, and even structure.
Consultants have their work cut out for them because their advice can stretch over so many different areas. You may need some expertise in management, strategy, human resources, finance, and IT (just to name a few fields).
In addition to having all of this knowledge, consultants typically work long hours, we're talking an average of 56 hours a week, but many work even beyond that, to around 70-80 hours. Spending that many hours at the office, you'll probably end up with some good friends, at least.
If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.
While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!
An underwriter decides who gets insurance cover. Your role will be studying insurance proposals, studying the background information of the clients, and deciding how much should be paid out. You will be liaising with professionals and those specialized to help judge the risk assessment. By doing so, you will write policies and add specific conditions when required. Similarly, you will be involved in negotiating terms with the clients. In addition, you will select the appropriate and competitive premiums based on information and judgment and deciding whether the risk should be shared.
Employers will always look out for graduates, most especially in the field of accounting, finance, business, and management. You must be able to use your initiative, have good negotiating skills, and be a great communicator. Skills required also include good judgment and a great decision-maker, especially when under pressure. Knowledge of technical information is also an added advantage. You will earn an average of $68,217 yearly or $32.8 hourly.
Mouse over a state to see the number of active mortgage consultant jobs in each state. The darker areas on the map show where mortgage consultants earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
Vestal, NY • Private
Villanova, PA • Private
San Diego, CA • Private
Waltham, MA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 21.7% of mortgage consultants listed customer service on their resume, but soft skills such as detail oriented and initiative are important as well.
Zippia allows you to choose from different easy-to-use Mortgage Consultant templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Mortgage Consultant resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
1. U.S. Residential Real Estate & Mortgage Business
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2. Become a Mortgage Loan Processor
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3. Advanced Mortgage Loan Processor: Essential Skills Training
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Some places are better than others when it comes to starting a career as a mortgage consultant. The best states for people in this position are New York, Maryland, Connecticut, and South Dakota. Mortgage consultants make the most in New York with an average salary of $60,549. Whereas in Maryland and Connecticut, they would average $58,684 and $55,889, respectively. While mortgage consultants would only make an average of $55,066 in South Dakota, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. South Dakota
2. Rhode Island
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|5||JPMorgan Chase & Co.||$35,236||$16.94||127|
|9||Bank of America||$33,721||$16.21||225|
A mortgage consultant gets paid by commissions or fees that the lender usually pays after the loan has closed. Mortgage consultants work as middlemen between borrowers and banks/lenders and, as such, can be paid by either party.
A mortgage consultant makes a 1% to 2% commission of the loan they find for clients. Overall, the mortgage consultant commission rate may vary slightly per loan, but it typically ranges from 0.50% to 2.75% of the loan principal. However, federal laws cap fees at 3% and require that broker fees not be linked to the interest rate.
To be a mortgage consultant takes a high school diploma and a license. The license takes anywhere from 1 to 3 years to complete and requires hands-on experience working with mortgages. There are several steps you can take to give you what it takes to help you on your journey in becoming a mortgage consultant.