How to Train to Be a Mortgage Advisor
A mortgage advisor, which is another name for a mortgage broker, helps to qualify borrowers with loans that are financed by third-party lenders. Obtaining the skills necessary to excel in this field is not too challenging, but does require a serious commitment and a passion for the business.
Other People Are Reading
Instructions
-
How to Train to Be a Mortgage Advisor
-
1
Enroll in college courses or in an undergraduate program. The courses that will help you in your journey (though are not required) are: mathematics (basic courses like algebra and geometry), accounting, and communications. Math and accounting courses will hone your financial judgment when making decisions regarding risk. Communications courses will help when it comes time to sell borrowers on mortgages.
-
2
Apply to become an intern or apprentice under a practicing mortgage advisor. Some may offer college credit (especially if connected to a larger organization), and most will be receptive to the idea as an intern could potentially become an employee or trainee.
-
-
3
Research the field, especially the legislation and compliance guidelines. A successful mortgage advisor must fully comply with state and federal regulations concerning lending. Familiarizing yourself with laws like the Fair Credit Reporting Act and Home Mortgage Disclosure Act will put you a step ahead of others seeking a similar career.
-
4
Network among mortgage advisor colleagues when working as an intern. Spend as much time as possible shadowing these folks. Ask questions; be curious about the process and interact with customers whenever possible. Be prepared to sign non-disclosure and privacy agreements before seeing any mortgage documents.
-
5
Spend time with both self-employed mortgage advisors and loan officers with lending companies. The approaches are different, but it's important to gain a sense for the general process of lending, from solicitation to application to processing to close.
-
1
