The mortgage consultant is the lending professional who secures the financing for the people who wish to obtain a mortgage. The Consultants look around to find for the customers the best rate that too for the most affordable payment mode. He is also called the mortgage broker or mortgage loan originator.
Mortgage consultant job duties
- Mortgage consultants assists the individuals who are seeking for loans for reasons like to buy a house or refinance a house, for business development or for purchasing real estate properties.
- They deal with lending institutions for which he acts on behalf of the potential borrowers to get a best loan deal for their financial situations.
- They work as contractors independently rather than working directly for the bank like the loan officers.
- They develop relationships with the real estate agents through whom he might then be recommended for these mortgage to their clients when they are in need to apply for a loan.
- He works on commissions so that more he earns by getting more clients hence he develops his network and claims as many mortgage loans as possible in a year.
- Mortgage consultant performs almost the same duties as that of the bank loan officer that includes collecting the personal information of the borrower in the loan application through which he assesses a borrower’s financial and credit history and explains the loan process to the borrower.
- He often uses underwriting software to determine whether the applicant can afford to borrow so many amounts and be able to pay it back without fail.