How To Be A Mortgage Consultant

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OnCourse Learning empowers aspiring mortgage loan originators and seasoned mortgage loan officers to take their learning experience to the next level. Get and maintain your NMLS license with:

NMLS-approved mortgage pre-licensing, continuing education and late CE courses

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Weve helped over 300,000 mortgage brokers begin and advance their careers.

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Mortgage Consultant Resume Templates

Excellent interpersonal, communication, follow-up & relationship building skills
Must be self- motivated with high energy & a positive attitude
Must have the ability to multi-task, be detail oriented & results driven

Strong written and computer skills * Ability to work flexible shifts
Desired: 1-2 years prior mortgage industry sales or finance experience
Will consider recent college graduates with demonstrated high achievements and/or top sales producers outside the mortgage industry

Professional communication skills, both oral and written are required
NOTE** The information listed within this description summary is intended to indicate the general nature and level of work. It is not designed to contain or be interpreted as a comprehensive account of all the responsibilities, and/or minimum qualifications required of an employee assigned to this position. This position requires the employee to register as a mortgage loan originator with the Nationwide Mortgage Licensing System and Registry and obtain a unique identifier from the Registry before engaging in mortgage loan originator activities, to maintain and renew that registration on an annual basis, to update registration information with the Registry on a timely basis, and to provide that unique identifier to consumers as required by applicable SAFE Act regulations and Citi policies and procedures

What Does A Consultant Do

A consultant may act in an advisory and/or implementation role.

In other words, depending on what the client needs, the consultant may simply be there to provide knowledge, information, and advice as the organization itself makes changes as a result of the consultant’s guidance.

For other arrangements, a consultant may take on some or all of the implementation themselves. This may even include building/revamping processes and training team members. Ultimately, it comes down to what the organization needs.

Regardless of the niche the consultant works in or the specific arrangement they’ve made with the client, there are a few things a consultant must do well:

Work with stakeholders to identify objectives of the relationship.
Learn the existing processes and systems in an organization.
Perform analysis and diagnose issues.

Translate data into concrete action items.
Communicate effectively to multiple stakeholders.
Oversee and monitor results.

Be able to convey impact.

Do you have an area of expertise to advise on? Follow these steps closely and you’ll build a strong foundation for future work, repeat clients, and expanding your reach and reputation.

Serious about coming a consultant? These eight consulting templates will help you pitch your services to potential clients. The kit includes a management consulting plan template, a new client onboarding checklist, a consulting plan presentation template, and more.

Pass The National Mortgage License System Test

Once you complete the pre-licensure course, pass the NMLS exam. Known as the SAFE Mortgage Loan Originator Test, this exam test your knowledge of things like mortgage practices and state guidelines and regulations. To pass both the state and federal parts of the exam, you need at least a 75% score.

Make sure to renew your license each year by passing background and credit checks. Keep in mind that some states have additional requirements.

Continue Your Education On Mortgage Lending

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Once you have your mortgage broker license, its your responsibility to keep up on the latest developments on mortgage lending in your area.

To keep your license current, youll be required to take a certain number of hours of continuing education courses each year. Its similar to what accountants, doctors, and lawyers go through, and it ensures that you can do your job accurately and will give your clients the most up-to-date mortgage loan information.

Brokering mortgages is a job that demands constant attention to the changing real estate and lending landscape.

Launch A New Career Today

You have what it takes to meet the mortgage broker qualifications, you just need the right education and courses. Whether you want to complete a bachelors degree in business administration or need to jump right into a mortgage broker license course, online education can make your journey easier! Start in our database of accredited online degrees and find your perfect program.

How Is A Mortgage Broker Different From A Real Estate Agent Or Loan Officer

While mortgage brokers and real estate agents have their similarities, they also have different duties. A mortgage broker helps buyers find the financing they need to buy a property, whereas real estate agents help buyers and sellers find or sell real estate property.

While a mortgage broker may also seem similar to a mortgage loan officer, these roles also function differently. Loan officers only offer mortgage options from the financial institution they work for, whereas mortgage brokers match their clients with different mortgage lenders.

What Does A Home Mortgage Consultant Do

There are certain skills that many home mortgage consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

How To Get A Mortgage License

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Although there are federal laws regulating the mortgage broker industry, state laws will dictate what you need in order to become a licensed mortgage broker and the bond amount you need. Check your state requirements with the help of our licensing guide or through the NMLS. In most cases, getting your mortgage broker license means passing your exam, paying your licensing fee, getting the appropriate bond, and submitting your application.

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How Much Does A Mortgage Broker Cost

The brokers commission varies, but it typically ranges from 0.50 percent to 2.75 percent of the loan principal. Federal law caps broker fees at 3 percent and requires that they not be linked to the interest rate on a loan.

Most brokers do not charge the borrower anything at all in most scenarios, says Weinberg. The compensation paid to the broker by the lender does not add a penny to the borrowers closing costs, just like the compensation paid by the big banks to theirloan originators doesnt add to your closing costs.

Prior to the economic downturn, consumers didnt see how much a broker got paid, but in todays mortgage climate, the cost of the loan is charged to the borrower and the lender purchasing the loan provides a credit equal to that cost, resulting in no cost to the borrower, adds Masnyk.

In the few instances a broker does charge the borrower for their services, borrowers can expect to pay a fee between 1 percent to 2 percent of the loan principal. Before you commit to working with a broker, ask about fee structure and what you might be responsible for paying, if anything .

Mortgage Consultant Job Description Sample

With this Mortgage Consultant job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Mortgage Consultant role.

Job Summary

We are seeking a Mortgage Consultant to help our customers find the best possible home and mortgage loans. In this role, your duties are to help the client fill out mortgage applications, compile their financial documents, and go to several different lending institutions to help them find the best rates. In some cases, you may have to work with the realtor as well, so familiarity with real estate and real estate accounting is beneficial. We only want to work with accredited lenders, so familiarity with FHA loan compliance is important. You must also have licensure from the Nationwide Mortgage Licensing System and Registry and some experience with mortgage banking.

Duties and Responsibilities

Help clients fill out applications and compile financial information

Submit applications to several institutions
Talk with lending institutions to find ideal rates
Track client information in a customer relationship management program

Requirements and Qualifications

High school diploma or GED certificate
20 hours of accredited financial coursework

Licensure from the Nationwide Mortgage Licensing System and Registry
CMC certificate

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Decide What Sets You Apart

What additional value does your work add that other consultancies don’t? If you can provide more value, a differentiating experience, a more accessible price point, or unique offerings, you’ll be able to stand out from your competition and position yourself as a leader in the space.

These unique differentiators make up your value proposition, and your value proposition is going to help your buyers choose you over the competition.

Become A Mortgage Broker

Thinking you might like to pursue a career in the mortgage business? Then being a mortgage broker might be the right path for you. Successful mortgage brokers earn a pretty good living and often work independently, being their own boss. It can be an attractive alternative for someone who wants to work in the financial field but not for a big corporation.

The term “mortgage broker” is not just another name for a mortgage lender or loan officer. A mortgage broker doesn’t make loans directly, but acts as an intermediary to help borrowers obtain mortgages from lenders.

Whereas a loan officer represents the bank or lender he or she works for, and will offer only the loan products they carry, a mortgage broker will often work with several dozen different lenders and be able to arrange loans with any of them. This means a mortgage broker can be more versatile than a single lender can be, matching clients to the lender and loan product that best serves their needs.

A mortgage broker can be a company that employs multiple agents who arrange mortgages for customers under the company’s shingle, or a single individual working independently or for a firm.

What Are The Pros Of Working With A Direct Lender

Direct lenders can make funding decisions quickly since they control their own lending criteria. This allows them greater control over which customers get the funds that theyre seeking. Another advantage is that many large direct mortgage lenders are licensed nationwide, which means that they can help buyers from any state. When a borrower is looking to buy a home in another state, direct lenders can be a great source of help.

Build A Repeatable System For Getting And Selling Clients

Once you have your business set up, you can’t just hope for your clients to knock on your door saying, “I’m here and ready to pay!”

You’ll need to analyze your niche and examine your existing network as you strategize how to find consulting clients. From there, you need to get into the business of marketing your consulting services and understanding exactly how to sell to prospects.

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Submit Your Mortgage Broker Application

After receiving your bond certificate, you will then sign it and send it along with your license application to the state. The mortgage broker application requires you to provide information about your business name and location, any web address you may use in the operation of your business, your registered agent of the business, and answers to specific disclosure statements per your state guidelines. You will also be subjected to a criminal background check.

New mortgage brokers may also need to provide details about their business, including a business plan, an organizational chart, and a list of executives or managers who are part of the business structure. These details and the application forms can be found on NMLS.

Why Become A Mortgage Broker

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There are many reasons why becoming a mortgage broker makes sense. The median income is about $73,000, and that includes brokers who only work part-time.

A college degree is not absolutely necessary, so this can be an excellent career choice for the mature adult who never completed college. Even if you do have a college degree, you will still have to pass the same exams and licensing requirements as other candidates, so you will start on equal footing.

Many times you work as an independent contractor, brokering deals between mortgage lenders and potential home buyers. You can work from home, set your own hours, and not spend a fortune on wardrobe or commuting. There are opportunities for mortgage brokers to work as employees as well, if that is what you prefer.

To be sure, being a mortgage broker is more difficult than it used to be. The NAMB reports that its membership is down to 5,000 brokers, compared to 25,000 in 2006, at the height of the housing boom. Some major lenders no longer do business with mortgage brokers, choosing to handle all their loans through their own outlets. New lending regulations have also made being a mortgage broker less lucrative than it was a few years ago.

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Mortgage Broker Vs Lender Vs Loan Officer

The difference between a mortgage broker and a lender is that a broker doesnt lend the funds for mortgages. Rather, brokers originate and close mortgage loans between lenders and borrowers. Brokers partner with a variety of lenders, including commercial banks, credit unions, mortgage companies and other financial institutions, and can work independently or with a brokerage firm.

In contrast, a loan officer is employed by a bank, credit union or other lender and is limited to providing the loan products their employer offers. Generally, loan officers assess borrowers and either authorize or recommend approval for loans.

A loan officer might not be as knowledgeable as a broker. Mortgages are a brokers daily bread, but a loan officer could be handling other types of loans, too, and may not be as familiar with mortgage loans as a mortgage broker is.

In addition, a borrower who gets a mortgage straight from a commercial bank could end up paying more because of the banks overhead. Instead, a broker might be able to get you a loan with a better rate from the banks wholesale division.

Still, banks often contend that theyre a better go-to for a mortgage, especially for borrowers who have been with the same bank for a long time, and that theyre more secure because they have heftier portfolios.

How Does A Mortgage Broker Get Paid

Mortgage brokers are most often paid by lenders, sometimes by borrowers, but, by law, never both. That law the Dodd-Frank Act also prohibits mortgage brokers from charging hidden fees or basing their compensation on a borrowers interest rate.

You can also choose to pay the mortgage broker yourself. Thats called “borrower-paid compensation.”

Borrowers are encouraged to shop around for mortgage brokers and should ask how much they can expect to pay in fees, which are typically 1% to 2% of the loan amount.

The competitiveness and home prices in your market will have a hand in dictating what mortgage brokers charge. Federal law limits how high compensation can go.

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Nlms Exams And Licensing

Check your state mortgage licensing laws to understand whether or not youll need a mortgage license before becoming a mortgage broker.

The NMLS licensing fee for a mortgage broker in most states is $1,500.

To be approved for an NMLS license, you must complete 20 hours of pre-licensing training through an approved organization. The training includes three hours on federal law and regulations, three hours on ethics, two hours on nontraditional mortgage products, and twelve hours of elective courses. This training must be completed no more than three years before your application submission.

Once training is complete, you must pass a two-part SAFE Mortgage Loan Originator test. You must answer at least 75% of the questions correctly to pass the exams.

Why Should Borrowers Hire Loan Consultants

Some people forgo hiring advisors for fear of additional costs. While it is true that clients will most likely need to pay up for hours rendered by their hired loan consultants, the fees will typically amount to just 3% of the mortgage loan amount maximum.

Loan consultants are generally hired for the convenience they can bring in the mortgage loan process. Instead of personally shuffling to and from different banks and offices, borrowers can rely on their advisors to speak to lenders on their behalf. Mortgage applications involve a lot of paperwork that needs to be signed, filed, and double-checked, and having a paid professional do the job for you can give you peace of mind knowing that no stone is left unturned.

The longer the loan consultants career, the much more fruitful their built relationships in the industry. You can take advantage of this as they acquire the best deal for you at a lending institution. Theres less need for you to research and learn more about the market when you can rely on your advisors expertise. However, it is still recommended that you spend time learning about the process before you dot the is at closing.

Mistakes you commit as a borrower can also be costly! It can be easy to fixate on the interest rates of mortgages despite the many other factors that need to be considered. Having a consultant at your side as you read the fine print can provide you with protection to be sure that you will be putting your money in the right place.

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