What is a Mortgage Consultant

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 is more than meets the eye when it comes to being a Mortgage Consultant. For example, did you know that they make an average of $18.93 an hour? That's $39,373 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Mortgage Consultant Do

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.

Learn more about what a Mortgage Consultant does

How To Become a Mortgage Consultant

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.

Choosing the right major is always an important step when researching how to become a Mortgage Consultant. When we researched the most common majors for a Mortgage Consultant, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Mortgage Consultant resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Mortgage Consultant. In fact, many Mortgage Consultant jobs require experience in a role such as Loan Officer. Meanwhile, many Mortgage Consultants also have previous career experience in roles such as Account Executive or Branch Manager.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (204)
  2. Guaranteed Rate Jobs (62)
  3. American Mortgage Jobs (34)
  4. Chase Jobs (30)
  5. JPMorgan Chase & Co. Jobs (130)
Average Salary
$39,373
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
29,369
Job Openings
resume document icon

Don't Have A Professional Resume?

0 selections

Mortgage Consultant Career Paths

Top Careers Before Mortgage Consultant

Mortgage Consultant Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Mortgage Consultant

Mortgage Consultants in America make an average salary of $39,373 per year or $19 per hour. The top 10 percent makes over $61,000 per year, while the bottom 10 percent under $25,000 per year.
Average Salary
$39,373
Find Your Salary Estimate
How much should you be earning as an Mortgage Consultant? Use Zippia's Salary Calculator to get an estimation of how much you should be earning.
See More Salary Information

Calculate your salary

Use Zippia's Salary Calculator to see how your pay matches up.

12 Mortgage Consultant Resume Examples

Learn How To Write a Mortgage Consultant Resume

At Zippia, we went through countless Mortgage Consultant resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Mortgage Consultant Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (204)
  2. Guaranteed Rate Jobs (62)
  3. American Mortgage Jobs (34)
  4. Chase Jobs (30)
  5. JPMorgan Chase & Co. Jobs (130)

Choose From 10+ Customizable Mortgage Consultant Resume templates

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.

Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume
Mortgage Consultant Resume

Mortgage Consultant Demographics

Mortgage Consultant Gender Distribution

Male
Male
58%
Female
Female
42%

After extensive research and analysis, Zippia's data science team found that:

  • Among Mortgage Consultants, 41.8% of them are women, while 58.2% are men.

  • The most common race/ethnicity among Mortgage Consultants is White, which makes up 67.3% of all Mortgage Consultants.

  • The most common foreign language among Mortgage Consultants is Spanish at 62.8%.

Job Openings

Find the best Mortgage Consultant job for you

0 selections
0 selections

Mortgage Consultant Jobs You Might Like

Mortgage Consultant Education

Mortgage Consultant Majors

38.1 %
11.0 %

Mortgage Consultant Degrees

Bachelors

66.6 %

Associate

15.5 %

High School Diploma

6.7 %

Top Colleges for Mortgage Consultants

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
Job Openings

Find the best Mortgage Consultant job for you

0 selections
0 selections

Mortgage Consultant Jobs You Might Like

Online Courses For Mortgage Consultant That You May Like

Become a Mortgage Loan Processor
udemy
4.5
(2,507)

Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Advanced Mortgage Loan Processor: Essential Skills Training
udemy
4.6
(513)

Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

Start a Profitable Career as a Mortgage Loan Originator
udemy
4.8
(314)

Learn from the president and CEO of Finibi Mortgage, Joe Correa, how the entire mortgage process works...

Show More Mortgage Consultant Courses
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Mortgage Consultant

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, 21.0% of Mortgage Consultants listed Customer Service on their resume, but soft skills such as Detail oriented and Initiative are important as well.

Best States For a Mortgage Consultant

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 North Carolina, Maryland, New York, and Washington. Mortgage Consultants make the most in North Carolina with an average salary of $49,403. Whereas in Maryland and New York, they would average $48,721 and $48,662, respectively. While Mortgage Consultants would only make an average of $46,693 in Washington, 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. North Carolina

Total Mortgage Consultant Jobs:
657
Highest 10% Earn:
$75,000
Location Quotient:
1.07
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Texas

Total Mortgage Consultant Jobs:
1,231
Highest 10% Earn:
$69,000
Location Quotient:
0.95
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. New York

Total Mortgage Consultant Jobs:
755
Highest 10% Earn:
$75,000
Location Quotient:
0.92
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Mortgage Consultants

How Do Mortgage Consultant Rate Their Jobs?

Working as a Mortgage Consultant? Share your experience anonymously.
Do you work as a Mortgage Consultant?
Rate how you like work as Mortgage Consultant. It's anonymous and will only take a minute.

Top Mortgage Consultant Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Mortgage Consultants and discovered their number of Mortgage Consultant opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $31,185. Bank of America follows up with an average salary of $31,240, and then comes Citigroup with an average of $64,849. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Mortgage Consultant. The employers include HSBC North America Holdings, MUFG Americas Holdings, and Public Service Credit Union

Most Common Employers For Mortgage Consultant

RankCompanyZippia ScoreAverage Mortgage Consultant SalaryAverage Salary
1$64,849
2
2.PHH
$51,548
3$37,929
4
4.New Penn Financial
$37,136
5
5.First Mortgage
$36,850
6$36,786

Mortgage Consultant Videos

Becoming a Mortgage Consultant FAQs

How does a mortgage consultant get paid?

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.

On average, mortgage consultants charge a commission of 2.25% for each loan, but they cannot charge more than 3% of the loan amount per federal regulations. In some cases, a mortgage consultant may charge an origination fee directly, which comes out of the borrower's pocket.

A mortgage consultant's total compensation can be paid through various means, including cash or an addition to the loan balance. For example, if a borrower pays the broker, they can do so at closing. However, if a lender pays, this fee is sometimes rolled into the loan cost - meaning the borrower would be required to pay it.

Different brokers have different fee structures. A mortgage consultant typically has access to various lenders, which may provide a bigger selection of products and commission terms.

How much does a mortgage consultant make per loan?

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.

Mortgage consultants can work independently or belong to a brokerage. Regardless of where you work, mortgage consultants, on average, charge a commission of 2.25% for each loan. So, for example, a mortgage consultant who charges a 2% rate to close a loan valued at $250,000 would earn $5,000.

How it works is that when the borrower pays the fees, it can then be rolled into the loan amount. So, when the lender pays, the broker's commissions are typically already built into the cost of the loan. Since mortgage consultants work essentially as middlemen between borrowers and banks/lenders, they can be paid by either party.

What does it take to be a mortgage consultant?

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.

Steps to Become a Mortgage Broker:

Step 1: Take a pre-licensure mortgage broker class. You'll need to complete a pre-licensure program. This is a 20-hour class that offers education on federal and state laws pertaining to the mortgage broker business.

Step 2: Pass the National Mortgage License System (NMLS) test. After completing your pre-licensure course, you will need to pass the National Mortgage License System (NMLS) exam.

The test, known as the SAFE Mortgage Loan Originator Test, challenges your understanding of the course material, including broad mortgage practices as well as state-specific guidelines and regulations. To pass your license exam, you must have at least a score of 75% for the state and federal portions.

Step 3: Register and establish your mortgage consultant business. Registration requirements vary from state to state. They may include establishing a business name and location, securing an employer identification number or EIN, and creating a business structure like an LLC, an S or C corporation, or a partnership.

You will then register your business with these details through your state's licensing authority.

Step 4: Build relationships with real estate agents and other partners. After receiving your license, a significant part of becoming a mortgage broker is creating and cultivating relationships with business partners.

Relationships with real estate agents and lenders prove the most lucrative and rewarding for some mortgage brokers.

Step 5: Get your first clients. Using your business partnerships, create a system for taking on your first clients. Determine how you will work with them to understand their mortgage needs and the cost of delivering on your promises to them.

Lean on your industry relationships for referrals to new clients, but if that isn't enough at the start, consider passive marketing strategies.

Search For Mortgage Consultant Jobs

0 selections
0 selections