What does a Mortgage Consultant do?
Mortgage consultants work with lending institutions acting on the behalf of a potential borrower to get the best loan for the borrower's financial situation. While they do not work directly for banks like loan officers, they work as independent contractors and often develop relationships with real estate agents who recommend them to clients hoping to apply for a loan.
Mortgage consultants collect personal information and a loan application and use it to assess the borrower’s credit and financial history. They explain the loan process to the applicants and use underwriting software to determine the amount an applicant can afford to borrow and pay back. They work with multiple banks to broker the best loan amount and interest rate for their clients. They assist clients and businesses requiring loans to buy or refinance a building including a home or real estate property. Mortgage consultants need a minimum bachelor's degree for some positions as well as 20 hours of approved coursework to be licensed; they will also need a license or certification.
Mortgage Consultant Salaries
Average Base Pay
Mortgage Consultant Career Path
Learn how to become a Mortgage Consultant, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Mortgage Consultant Insights
“Commission for assistants requires difficult minimum number loans to close before low payout per loan is given.”
“Training was long and didn't cover what I felt was necessary to make me successful at the job once I was on my own.”
“I worked here for only 5 months and survived the first round of layoffs but didn't make the second.”
“Flexible schedule was pretty nice”
“Good pay & good hours”
“fun and enjoyable place to work”
“the pay wasn't the best and the hours”
“for me its the best place to start your development career as a software engineer.”
Mortgage Consultant Interviews
Mortgage Consultant jobs
Frequently asked questions about the role and responsibilities of a mortgage consultant
When working as a mortgage consultant, the most common skills you will need to perform your job and for career success are IN Spanish, Speaking, Bilingual, Microsoft Office and Excellent Customer Service.
- Loan Officer
- Loan Processor
- Underwriting Assistant
The most common qualifications to become a mortgage consultant is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.