Mortgage Loan Consultant Job Description

October 25, 2014 | By More

Mortgage Loan Consultant Job Profile and Description

A Mortgage Loan Consultant is a mortgage broker who is responsible for assisting those customers or individuals who are seeking loans to buy houses or purchase real estate properties. Mortgage loan consultants work for banks or mortgage firms and are employed in the sales department. These individuals work under loan officers and need to develop relations with real estate agents so as to find clients who are looking for real estate loans. There are many duties and responsibilities which mortgage loan consultants need to fulfil and to do so, they must first qualify as far as skills and education is concerned.  The following will help you know more about this job position:

Mortgage Loan Consultant Duties and Responsibilities

A mortgage loan consultant must perform the following given job duties and responsibilities:

  • To find clients, customers and prospective loan borrowers either by contacting real estate agents or through attractive loan offers.
  • To inform clients and customers about the various loan options, the features of each type of loan and collect their personal information.
  • To develop relations with real estate agents to find more clients.
  • To explain the loan application process to those who are interested in borrowing a loan and helping them fill the forms and complete the rest of the process.
  • To use underwriting software or other computer based applications to determine the amount which an applicant is capable of borrowing and repaying.
  • To answer customer queries, solve problems and perform paper based work.

Mortgage Loan Consultant Skills and Specifications

The following are some of the skills needed to perform well as a Mortgage Loan Consultant:

  • Exceptional mathematical skills, accounting skills and computer skills.
  • Excellent written and verbal communication skills to be able to deal well with customers.
  • Good negotiating abilities and convincing skills.
  • Ability to analyse customer’s needs and suggest loan options accordingly.
  • Detailed oriented, focussed, self-motivated and very hardworking.

Mortgage Loan Consultant Education and Qualification

The following are the main educational qualifications needed by a Mortgage Loan Consultant:

  • High school diploma from an accredited school.
  • A bachelor’s degree or diploma in commercial mortgages or a field related to economics or finance.
  • Must fulfil licensing requirements, which might vary from state to state.

Mortgage Loan Consultant Salary

The average median salary of a mortgage loan consultant is $71800 per year. This figure depends upon the firm of employment, skills and qualifications of the candidate and other related factors.

Category: Consultant Job Descriptions

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