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Become A Mortgage Consultant

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Working As A Mortgage Consultant

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

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A 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 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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Mortgage Consultant jobs

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Mortgage Consultant Career Paths

Mortgage Consultant
Mortgage Underwriter Quality Control Operations Manager
Branch Manager
6 Yearsyrs
Property Manager District Manager Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Service Specialist Service Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Property Manager Accountant Assistant Vice President
Credit Officer
5 Yearsyrs
Sales Consultant Sales Manager General Manager
District Manager
7 Yearsyrs
Sales Consultant Senior Sales Representative Account Executive
District Sales Manager
7 Yearsyrs
Underwriter Quality Control Project Manager
General Manager
7 Yearsyrs
Finance Advisor Finance Analyst Finance Manager
General Sales Manager
8 Yearsyrs
Loan Specialist Loan Servicing Specialist Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Mortgage Processor Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Finance Advisor Account Manager
National Account Manager
8 Yearsyrs
Loss Mitigation Specialist Loan Processor Account Manager
Regional Accounts Manager
8 Yearsyrs
Business Development Manager Marketing Director General Manager
Regional Vice President
11 Yearsyrs
Business Analyst Assistant Vice President
Senior Relationship Manager
10 Yearsyrs
Business Development Manager Senior Account Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Mortgage Processor Senior Loan Processor Operations Manager
Territory Manager
7 Yearsyrs
Service Specialist Personal Banker Account Manager
Territory Sales Manager
7 Yearsyrs
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Loss Mitigation Specialist Underwriter Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Mortgage Underwriter Senior Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Average Length of Employment
Mortgage Broker 3.7 years
Underwriter 3.3 years
Loan Manager 3.1 years
Loan Officer 3.0 years
Loan Originator 2.8 years
Lender 2.7 years
Mortgage Banker 2.4 years
Loan Consultant 2.3 years
Mortgage Counselor 2.3 years
Mortgage Analyst 1.9 years
Mortgage Assistant 1.8 years
Top Employers Before
Loan Officer 16.7%
Manager 3.4%
Top Employers After
Loan Officer 15.0%
Owner 4.2%

Mortgage Consultant Demographics

Gender

Male

55.2%

Female

42.9%

Unknown

1.9%
Ethnicity

White

79.4%

Hispanic or Latino

11.2%

Asian

7.0%

Unknown

1.7%

Black or African American

0.6%
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Languages Spoken

Spanish

60.3%

French

7.6%

Portuguese

4.5%

German

3.4%

Italian

2.8%

Mandarin

2.4%

Russian

2.4%

Chinese

2.4%

Arabic

2.4%

Korean

2.1%

Hindi

1.4%

Dakota

1.4%

Vietnamese

1.0%

Ukrainian

1.0%

Tagalog

1.0%

Hmong

1.0%

Filipino

0.7%

Urdu

0.7%

Carrier

0.7%

Serbian

0.7%
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Mortgage Consultant Education

Schools

University of Phoenix

21.3%

Strayer University

6.3%

Michigan State University

6.1%

Arizona State University

5.1%

Kaplan University

4.9%

Southern New Hampshire University

4.5%

Liberty University

4.5%

Pennsylvania State University

4.3%

Western Michigan University

4.3%

Temple University

3.9%

University of South Florida

3.7%

University of Toledo

3.7%

Ashford University

3.7%

Iowa State University

3.7%

Wayne State University

3.5%

Eastern Michigan University

3.5%

San Jose State University

3.3%

University of Maryland - University College

3.3%

University of Missouri - Saint Louis

3.3%

University of Alabama

3.1%
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Majors

Business

38.3%

Finance

11.7%

Marketing

6.2%

Accounting

6.1%

Communication

4.1%

Management

3.9%

Psychology

3.6%

Real Estate

3.5%

Criminal Justice

3.3%

Economics

2.9%

Political Science

2.4%

Education

2.2%

General Studies

1.9%

Law

1.6%

Human Resources Management

1.5%

Liberal Arts

1.4%

Computer Science

1.4%

Sociology

1.4%

English

1.3%

Legal Support Services

1.2%
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Degrees

Bachelors

45.6%

Other

26.5%

Masters

11.5%

Associate

9.2%

Certificate

3.8%

Doctorate

1.4%

License

1.2%

Diploma

0.9%
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Top Skills for A Mortgage Consultant

CorporateFinancialStatementsRealEstateProfessionalsFHACustomerServiceEntireLoanProcessAppropriateLoanProgramLoanProductsLoanOriginationCreditReportsMortgageProductsEquityFannieMAERealEstateAgentsFreddieMacLoanDocumentsTitleCompaniesLoanOfficersNmlsCreditHistoryUsda

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Top Mortgage Consultant Skills

  1. Corporate Financial Statements
  2. Real Estate Professionals
  3. FHA
You can check out examples of real life uses of top skills on resumes here:
  • Obtained and compiled copies of loan applicants' credit history, corporate financial statements, and other financial information.
  • Sourced and secured clients utilizing research, market analysis and relationship management skills to build strategic partnerships with real estate professionals.
  • Selected to roll out the new 'Streamline FHA and Chase Private Client' refinance products.
  • Maintained a high level of customer service through proactive communication with external and internal customers, including vendors.
  • Maintained sales contact and pipeline throughout the entire loan process.

Top Mortgage Consultant Employers

Mortgage Consultant Videos

Mortgage Consultant - Career Conversation

Life of a Mortgage Loan Officer

Top Mortgage Broker Training & Sales Techniques - What it Takes to Succeed as a New Agent

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