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.

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.

Learn More About How To Become a Mortgage Consultant
Top Mortgage Consultant Jobs Near You

Mortgage Consultant Career Paths

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.

Mortgage Consultant

Average Salary for a Mortgage Consultant

Mortgage Consultants in America make an average salary of $38,934 per year or $19 per hour. The top 10 percent makes over $63,000 per year, while the bottom 10 percent under $23,000 per year.
Average Mortgage Consultant Salary
$38,934 Yearly
$18.72 hourly
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Roles and Types of Mortgage Consultant

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:

  • Develop knowledge of company products, policies
  • May lead the work of others
  • Generate new wholesale business by identifying

There are several types of mortgage consultant, including:

Consultant

Role:

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.

  • Average Salary: $78,912
  • Degree: Bachelor's Degree

Loan Officer

Role:

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!

  • Average Salary: $45,817
  • Degree: Bachelor's Degree

Underwriter

Role:

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.

  • Average Salary: $61,751
  • Degree: Bachelor's Degree
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States With The Most Mortgage Consultant Jobs

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.

Average Salary: Job Openings:

Number Of Mortgage Consultant Jobs By State

RankStateNumber of JobsAverage Salary
1California1,877$37,176
2Texas1,231$41,108
3Florida1,122$42,091
4Illinois848$39,655
5New York755$60,549
6Alabama671$33,116
7Pennsylvania658$54,276
8North Carolina657$53,149
9Ohio629$45,659
10Minnesota579$44,732
11Arizona565$38,110
12Georgia540$38,522
13New Jersey527$54,103
14Michigan524$47,764
15Oklahoma445$40,227
16Virginia444$48,217
17Massachusetts414$47,517
18Colorado413$38,539
19Washington394$48,293
20Missouri356$47,211
21Indiana347$41,585
22Maryland319$58,684
23Mississippi314$32,166
24Tennessee270$40,408
25Wisconsin235$46,730
26Oregon234$44,825
27Utah208$30,958
28South Dakota206$55,066
29Kentucky198$40,506
30Connecticut194$55,889
31South Carolina189$37,118
32Kansas186$43,802
33Iowa178$43,379
34Nevada133$40,552
35Nebraska114$39,240
36Arkansas106$49,821
37Idaho100$31,374
38Louisiana100$36,077
39Rhode Island98$54,507
40Maine92$52,824
41New Hampshire79$47,195
42Delaware79$40,553
43New Mexico76$50,477
44Montana70$47,402
45North Dakota63$46,048
46West Virginia59$43,543
47Hawaii53$49,683
48Wyoming52$47,876
49Vermont50$49,261
50Alaska40$36,605

Mortgage Consultant Education

Mortgage Consultant Majors

Business
38.1 %
Finance
11.0 %
Marketing
6.2 %

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

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, 21.7% of mortgage consultants listed customer service on their resume, but soft skills such as detail oriented and initiative are important as well.

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

Mortgage Consultant diversity

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 62.9% of all mortgage consultants.

  • The most common foreign language among mortgage consultants is Spanish at 62.8%.

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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 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

Total Mortgage Consultant Jobs: 206
Highest 10% Earn:
$78,000
Location Quotient:
3.02

$55,066

Avg. Salary

View 206 Mortgage Consultant Jobs In SD

2. Rhode Island

Total Mortgage Consultant Jobs: 98
Highest 10% Earn:
$87,000
Location Quotient:
1.27

$54,507

Avg. Salary

View 98 Mortgage Consultant Jobs In RI

3. Maine

Total Mortgage Consultant Jobs: 92
Highest 10% Earn:
$77,000
Location Quotient:
1.09

$52,824

Avg. Salary

View 92 Mortgage Consultant Jobs In ME
Full List Of Best States For Mortgage Consultants

How Do Mortgage Consultants Rate Their Jobs?

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Overall Rating*
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Work/Life balance
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Top Mortgage Consultant Employers

Most Common Employers For Mortgage Consultant

RankCompanyAverage SalaryHourly RateJob Openings
1PHH Corporation$44,384$21.34105
2MetLife$37,510$18.0370
3Citi$36,071$17.34236
4Chase$35,295$16.9730
5JPMorgan Chase & Co.$35,236$16.94127
6PNC$34,848$16.7563
7Guaranteed Rate$34,011$16.3562
8Quicken Loans$33,949$16.32202
9Bank of America$33,721$16.21225
10Wells Fargo$33,697$16.20918
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Mortgage Consultant Videos

Mortgage Consultant - Career Conversation
Life of a Mortgage Loan Officer

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.

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.

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.

Have more questions? See all answers to common business and financial questions.

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Updated April 6, 2023