The last year brought about so many unexpected changes. While some people are starting to return to their familiar routines, others have been prompted to pursue new ways of living. 

During this pandemic, you may have found the confidence to look for a new, fulfilling career that suits these changing times. Even if you were job displaced during the pandemic, it is possible for you to discover a rewarding career in mortgage consulting. 

Mortgage consulting is a great way to continue working from home while earning a competitive salary. It is possible to successfully navigate this career change at any age and requires little to no previous experience in the industry. You can become a successful mortgage consultant with an eagerness to learn and a dedicated attitude.

Here are our best tips on how to become a mortgage consultant.

What Does A Mortgage Consultant Do?

A mortgage consultant helps guide their clients through the mortgage application process. First-time homebuyers often rely on the advice from their consultants to find the mortgage option that best matches their circumstances and resources. 

You’ll spend your time meeting with clients, finding the right mortgage options for your loan applicants, and evaluating home loan applications. You will also work with estate agents, lenders, and appraisers.

If you’re a mortgage consultant that works directly with a lender, then you will assess the lender’s options and pinpoint the solution that works best for the applicant. An independent mortgage consultant will analyze the mortgage options from multiple lenders to choose the best option for their client. 

Can You Become A Mortgage Consultant During A Pandemic?

Yes, you can! In the state of Illinois, there are steps and licensing that every mortgage broker must complete to legally operate. We wrote an in-depth article on these steps, but we will break them down for you here.

TAKE THE NMLS EXAM

The NMLS (National Mortgage Licensure System) provides a test: the SAFE Mortgage Originator exam. To become a mortgage consultant, you must pass this nationwide exam, and, if the state that you plan to register in requires it, the state-specific component, too.

APPLY FOR YOUR LICENSE

The NMLS is an online platform that regulatory agencies use to facilitate the processing of licensing applications. This includes various industries like mortgage brokering as well as mortgage lending.

ISSUE YOUR BOND

In every state, a mortgage broker must have a surety bond in place to operate legally. The amount varies by state. Here in Illinois, you need a surety bond of $25,000.

AFTER 5 YEARS, APPLY FOR CMC CERTIFICATION

Becoming a Certified Mortgage Consultant (CMC) is not mandatory. It shows that you have the highest level of certification that mortgage brokers can get. The CMC is awarded by the National Association of Mortgage Brokers.

To achieve successful CMC status, you need five years of work experience and 100 qualifying points. You can earn these points through experience, further education, other certifications, and participating in leadership activities. When you are ready to recertify every 3 years, you will need an additional 30 hours of proven continued education.

Benefits Of Changing Careers To Mortgage Consultants

When you work as a mortgage consultant, you help someone find their place in the world. This is a perfect opportunity to serve someone while they make one of the most important decisions in their life.

There are many heartwarming rewards to mortgage consulting. Many mortgage consultants find that their salary is an added bonus to their work.

The average salary of a mortgage consultant can vary from state to state. These figures can also differ based on factors like location and work experience. While working as an independent broker, more than likely you’ll earn a commission from each successful loan. By choosing to join a brokerage firm, you may be granted bonuses in addition to your commission.

Another added bonus is that there is no shortage of mortgage consulting jobs around the United States. Plus, the knowledge and skills you will gain as a mortgage consultant can provide job security for years to come. 

During the pandemic, a rewarding career that allows one to work from home and can be accomplished at any stage of life is incredibly valuable.

Tips To Become A Successful Mortgage Consultant

There are several skills you should develop when you decide to work as a mortgage consultant. Having these skills will set you up for the success you desire.

COMMUNICATION: While working with your clients, they may have an abundance of questions. Communicating the right information is of the utmost importance. This is why excellent written and verbal communication skills are necessary to work as a mortgage consultant.

FINANCIAL LITERACY: As a mortgage consultant, you will have to explain complex financial information, in a clear way that your clients can understand. Knowing how to switch terminology between clients and colleagues is necessary as well.  

Trainee mortgage consultants take an industry-recognized qualification, such as the Certificate in Mortgage Advice and Practice (CeMAP). Because you are working with numbers and using digital tools, you will also need strong numeracy and IT skills.

ORGANIZATION/ATTENTION TO DETAIL: Being able to balance multiple clients is an important skill to have so you can succeed as a mortgage consultant. An organized mortgage consultant will need to know the stage of all their clients’ loan applications and make sure that all the correct information is submitted at the right time. 

STRONG CLIENT RELATIONS: Quality work as a mortgage consultant requires excellent customer service skills. Having a positive attitude combined with body language shows your clients that you care about their needs. You will also need problem-solving skills and the knowledge of how to handle sensitive client information.

Contact A and N Mortgage for Professional Advice

A and N Mortgage has some of the most acclaimed mortgage officers in Chicago. We understand the licensing process here in Illinois. Our team is happy to guide you through the process.

The process of becoming a mortgage consultant is straightforward but includes necessary boundaries, like constant training and stringent NMLS application details. This is all to make sure that you are confident in your ability to provide quality, helpful mortgage guidance to your clients.

A and N Mortgage can help you set up the necessary pre-licensing education courses, and coordinate your background checks and fingerprinting. We’re here to support you as you complete the requirements for your NMLS application. 

You can contact us to make your mortgage lender licensing requirements and licensing process as seamless and worry-free as possible.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.