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What does a Mortgage Advisor do?

Learn all about Mortgage Advisor duties, skills and much more. Get expert advice on how to become a Mortgage Advisor.

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Brenna Goyette
Certified Professional Resume Writer, Career Expert

Published 3 min read

A mortgage advisor helps people obtain loans to buy property. They work with banks and other financial institutions to find the best loan products for their clients. They also provide guidance on how to manage finances and make sure that clients are able to make their loan payments on time.

Mortgage Advisor job duties include:

  • Originate mortgage loans by contacting potential customers; interviewing applicants; verifying information.
  • Determine customers' eligibility for loans and advise them on loan options and terms.
  • Gather required documentation from customers and submit loan applications to processing staff.
  • Analyze loan application information and documentation to determine if applicant qualifies for a loan.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Prepare loan proposals, present credit packages and respond to questions from customers and referral sources.
  • Negotiate loan terms with customers and referrers, and draw up loan contracts.
  • Ensure that all conditions precedent to closing the loan are satisfied.
  • Coordinate closings, disbursement of funds, collection of payments, or any post-closing activities.

Mortgage Advisor Job Requirements

A mortgage advisor is a professional who helps people obtain loans to buy property. To become a mortgage advisor, one must have a high school diploma or equivalent. Although not required, many mortgage advisors have a bachelor's degree in business, finance, or a related field. In addition, most states require mortgage advisors to be licensed. Mortgage advisors typically have several years of experience working in the financial industry.

Mortgage Advisor Skills

  • Analytical skills
  • Profit and loss analysis
  • Financial analysis
  • Finance
  • Real estate
  • Asset management
  • Mortgage
  • Banking
  • Financial modeling
  • Business strategy
  • Investment banking

Related: Top Mortgage Advisor Skills: Definition and Examples

How to become a Mortgage Advisor

A mortgage advisor is a professional who helps people obtain financing for real estate purchases. Mortgage advisors typically work for banks or other financial institutions, and they help people through the process of securing a mortgage loan.

Becoming a mortgage advisor requires completing some formal education, although the specific requirements vary by state. In general, mortgage advisors must have at least a bachelor’s degree in finance or a related field. They must also complete some on-the-job training, which typically lasts several months. Some states also require mortgage advisors to pass a licensing exam.

Once you have the necessary education and training, you can begin working as a mortgage advisor. Your job will involve working with potential borrowers to help them understand their financing options and choose the best loan for their needs. You will also be responsible for preparing loan applications and collecting supporting documentation. In addition, you will need to stay up-to-date on changes in the mortgage industry so that you can advise your clients accordingly.

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