A mortgage consultant is a lending professional who secures financing for people wishing to obtain a mortgage. Consultants shop around to find customers the best rate for the most affordable payment.
Working with Borrower and Lender
Mortgage consultants or brokers gather information about borrowers, such as their occupation, salary and credit history, and then use this information to negotiate rates and terms with lenders.
Mortgage consultants work with borrowers both looking to purchase new homes and refinance existing mortgages to obtain lower payments. Consultants typically charge fees to the borrower or the lender for their services and are paid a percentage of these fees.
Types of Consultants
Some mortgage consultants are self-employed and work alone, while others work for large mortgage or mortgage broker companies.
Mortgage consultants typically have a minimum of a bachelor's degree, though the major subject can be in any field. Many consultants seek certification through the National Association of Mortgage Brokers by passing a written examination.
In April 2011, the average annual salary for mortgage consultants was $103,000, according to Indeed.com.
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