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.
- Determine success rate of meeting certain benchmarks, and update required team performance reports.
- May be responsible for the leadership of an underwriting team.
- Ensure the data integrity on processing/closing system is accurate.
- Update information on processing and underwriting systems to verify, add, delete or waive conditions.
- Review exception reports to ensure completion of all tasks.
- Provide administrative support such as screening and making calls, booking appointments, etc.
- Work with legal and maintain compliance on all resources for the group.
- Prepare and audit closing documents in a timely manner.
- Assemble loan documentation as required necessary for verifications and underwriting such as loan files, loan packages, credit reports, and additional mortgage application paperwork.
- Process payments, distributions, and make recommendations regarding loan approvals.
- Recommend mortgage policy, products or service enhancements to improve member/customer satisfaction and origination potential.
- Actively market all branch products and services to individuals.
- Greet, assist and solicit individuals entering the office and calling by phone. receive and process credit and employment verifications, and record information obtained.
- Check all loan package documents for complete accuracy and submit any discrepancies to the loan officer/ loan originator
- Update status daily as to incoming and outgoing documents.
- Develop relationship with customers in order to handle routine tasks and request and anticipate loan requirements.
- Bachelor's Degree in business or computer science.
- Knowledgeable about financing and refinancing policies and procedures.
- Adept at overseeing entire pipeline process.
- Demonstrated careful attention to detail.
How much does a Mortgage Consultant make near United States?
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.
Years of Experience Distribution
Mortgage Consultant Insights
“The job itself the pay is what keeps me here but the culture is horrible.”
“Everyone here cares about the jobs they do and I appreciate that more than I could express.”
“I worked here for only 5 months and survived the first round of layoffs but didn't make the second.”
“I wish there was sick time though because you have to use your vacation time for sick time.”
“You can close a million in loans in a month but if your deliquency is tanked guess no bonus.”
“Good for personal and professional development.”
“Management wasn’t the best and sometimes difficult to complete their task.”
“Great Credit Unions to work with and decent compensation.”
Mortgage Consultant Interviews
Frequently asked questions about the roles and responsibilities of a Mortgage Consultant
- Loan Officer
- Underwriting Consultant
- Loan Processor