What does a Home Mortgage Consultant do?
Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions.
Most loan officers have a Bachelor's degree in business administration, finance, economics, or a related field, and are trained on the job. Residential mortgage loan officers must be licensed. Loan officers generally need strong sales and interpersonal skills.
- Sell loan products and meet loan production targets
- Perform business development tasks, including managing the pipeline by generating leads and referral business, and maintaining relationships with existing and past clients
- Meet and communicate with applicants to explain the risks and benefits, as well as the terms of loan products and government regulations
- Obtain relevant information and evaluate applicants' financial status, including credit history, debt-to-income ratio, and appraisal reports, to determine recommendation for loan approval
- Ensure all necessary information and documentation is submitted to the loan underwriting department, and is recorded properly in electronic file format
- Represent the employer at community events and host seminars
- Maintain current knowledge of all applicable lending regulations, the economy, market rates, vendors, and competitors
- Consistently deliver first-class customer service
- Associate's degree or Bachelor's degree in business administration, finance, economics, or a related field
- 2+ years of experience in the mortgage lending, banking, or real estate industry
- Strong Microsoft Office skills and ability to use relevant industry-specific computer programs, as well as calculators
- Exceptional interpersonal skills and strong customer service orientation
- Excellent written and verbal communication skills
- NMLS license required
- Ability to work both in a team and independently
Home Mortgage Consultant Salaries
Average Base Pay
Home Mortgage Consultant Career Path
Learn how to become a Home 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
Home Mortgage Consultant Insights
U.S. Bank“Can be an amazing place to work and for the most part everyone is great.”
Texana Bank“I don't believe there are any pros working here besides the culture and good people.”
My Mortgage, Inc.“I have a great team and we work hard to make sure we keep it that way.”
“The culture and outreach programs make this one of the best companies I can imagine working for.”
New American Funding“Training is based on real life client interactions and can be applied to everyday activities.”
BluPeak Credit Union“The training department was let go and not everyone is going to learn from a video.”
UpEquity“Promotion was not based on merit but rather who the manager at the time liked.”
LoanCraft“Someone putting good good good as a review to offset the bad reviews should tell you plenty.”
Frequently asked questions about the role and responsibilities of a Home Mortgage Consultant
When working as a Home Mortgage Consultant, the most common skills you will need to perform your job and for career success are BS Degree, Negotiation, Business Writing, VERBAL Communication and Interpersonal and Communication.
- Underwriting Consultant
- Loan Processor
- Underwriter
- Credit Analyst
The most common qualifications to become a Home 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.