Mortgage Consultant Salary
For Mortgage Consultants, bonuses and commissions account for a significant portion of income and add up to more than double of their $48K annual pay. Career duration and the company each impact pay for this group, with the former having the largest influence. Women make up a slight majority of Mortgage Consultants (53 percent) survey respondents. Medical and dental benefits are awarded to almost all, and more than half earn vision coverage. Job satisfaction is high and work is enjoyable for most Mortgage Consultants. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$29,361 - $74,710|
|Bonus||$515 - $116,350|
|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).)
|$30,769 - $113,360|
|Hourly Rate||$9.12 - $35.00|
|Bonus||$515 - $116,350|
|Total Pay (||$30,769 - $113,360|
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
- Solicit mortgages and phone prospect through contact with realtors, builders, developer, and community banking branches.
- Originate and close mortgages.
- Interview and assist clients with home loans by analyzing and selecting appropriate programs.
- Develop marketing strategies.
Popular Employer Salaries for Mortgage Consultant
Pay by Experience Level for Mortgage Consultant
Pay by Experience for a Mortgage Consultant has a positive trend. An entry-level Mortgage Consultant with less than 5 years of experience can expect to earn an average total compensation of $36,000 based on 25 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Consultant with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $60,000 based on 16 salaries. An experienced Mortgage Consultant which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $86,000 based on 9 salaries. A Mortgage Consultant with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $78,000 based on 15 salaries.
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Key Stats for Mortgage Consultant
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