Mortgage Consultant Salary
A large fraction of take-home pay for Mortgage Consultants comes from commissions — just over two-fifths on average, in fact. The median overall income in this field is approximately $45K. Career length is the biggest factor affecting pay for this group, followed by the specific employer. Most Mortgage Consultants like their work and job satisfaction is high. Medical benefits are awarded to most, and nearly all earn dental coverage. Male Mortgage Consultants are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 52 percent of the field. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
Job Description for Mortgage Consultant
Mortgage consultants must be able to guide customers through the home-buying process to help them make the best decision in accordance with their financial needs. These consultants should have people skills and some experience and/or training in sales or customer service, and some employers prefer those who have been trained in sales, customer service, or financial services. Many mortgage consultants begin as customer service advisors in order to develop the necessary skills for this position.Read More...
Mortgage consultants work with real estate agencies on a daily basis, and must stay up-to-date with current real estate laws. They must also be able to perform under pressure while working closely with clients to guarantee the best-possible service. Mortgage consultants should develop new perspectives and improve trade relations by applying their expertise and knowledge of the company to increase closing rates while also conducting activities for the customer pool and increasing quality of service.
A high school diploma is a minimum requirement for this position, and those with a college degree and two years of experience in the industry are preferred by most employers. Upon joining the workforce, all mortgage consultants must also be familiar with mortgage processing, underwriting operations, and FNMA, FHLC, FHA, and VA policies. Mortgage consultants are typically trained in a bank or broker's office, and the regulations which determine whether mortgage consultants must be licensed or even maintain a physical office vary by state.
Mortgage Consultant Tasks
- Interview and assist clients with home loans by analyzing and selecting appropriate programs.
- Develop marketing strategies.
- Solicit mortgages and phone prospect through contact with realtors, builders, developer, and community banking branches.
- Originate and close mortgages.
Mortgage Consultant Job Listings
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Popular Employer Salaries for Mortgage Consultant
Wells Fargo Home Mortgage offers the lowest pay, with a median salary of just $54K. The pay scale doesn't vary widely, either; compensation ranges from $34K to $85K.
Pay by Experience Level for Mortgage Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $36K, but survey participants with five to 10 years of experience earn a significantly higher median of $59K. Mortgage Consultants with one to two decades of relevant experience report an average salary of approximately $78K. Individuals who have achieved more than 20 years of experience don't seem to earn any more than people who have 10 to 20 years under their belts.