Mortgage Consultant Salary
Annual compensation for Mortgage Consultants is typically heavily supplemented by bonuses and commissions and totals around $48K (including $46K from bonuses and commissions). Experience level is the biggest factor affecting pay for this group, followed by the specific employer. More than half of Mortgage Consultants (61 percent) survey participants are women. Nearly all have medical and dental plans, and a strong majority have vision insurance. The majority of workers are highly satisfied with their job. The information for this snapshot was generated by responses to the PayScale salary survey.
|Salary||$29,187 - $75,506|
|Bonus||$511 - $68,510|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$30,605 - $106,583|
|Hourly Rate||$9.12 - $35.00|
|Bonus||$511 - $68,510|
|Total Pay (||$30,605 - $106,583|
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.
Popular Employer Salaries for Mortgage Consultant
Pay by Experience Level for Mortgage Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Survey participants with less than five years' experience pocket $36K on average, but those with five to 10 years of experience enjoy a much bigger median of $60K. The average pay reported by folks with 10 to 20 years of experience is around $86K. For some reason, Mortgage Consultants with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $78K.
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Key Stats for Mortgage Consultant
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