How does a mortgage consultant get paid?

A mortgage consultant gets paid by commissions or fees that the lender usually pays after the loan has closed. Mortgage consultants work as middlemen between borrowers and banks/lenders and, as such, can be paid by either party.

How much does a mortgage consultant make per loan?

A mortgage consultant makes a 1% to 2% commission of the loan they find for clients. Overall, the mortgage consultant commission rate may vary slightly per loan, but it typically ranges from 0.50% to 2.75% of the loan principal. However, federal laws cap fees at 3% and require that broker fees not be linked to the interest rate.

What does it take to be a mortgage consultant?

To be a mortgage consultant takes a high school diploma and a license. The license takes anywhere from 1 to 3 years to complete and requires hands-on experience working with mortgages. There are several steps you can take to give you what it takes to help you on your journey in becoming a mortgage consultant.

How To Become A Mortgage Consultant: What It Is and Career Path

What is a mortgage consultant and how to become one

Updated January 8, 2025

4 min read

A mortgage consultant helps customers and businesses identify the best option for mortgage deals considering their financial resources. With their knowledge of the company's products, he/she answers all the queries and concerns of the clients. He/She assists the client in gathering and analyzing documents that are required for loan approval and helps them create accurate mortgage information. Additionally, he/she builds relationships with banks and real estate agents to help promote bank mortgages for clients. Lastly, he/she negotiates rates and terms with lenders to aid the refinancing of existing mortgages.

Becoming a mortgage consultant requires just a high school diploma and a license. However, if you want to specialize in commercial mortgages, you need a bachelor's degree in economics or finance. Having relevant certifications is a plus. You must possess analytical, negotiation, and communication skills. Mortgage consultants make an average salary of $40,264 annually, equivalent to $19.36 per hour. This varies from $28,000 to $56,000.

ScoreMortgage ConsultantUS Average

Salary

3.0

Avg. Salary $38,934

Avg. Salary $59,228

Stability Level

7.3

Growth Rate 4%

Growth Rate 0.3%

Diversity

5.5

Race

American Indian and Alaska Native 0.48%

Asian 6.45%

Black or African American 9.31%

Hispanic or Latino 16.20%

Unknown 4.64%

White 62.92%

Gender

female 41.80%

male 58.20%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress Level

7.3

Stress level is high

7.1 - high

Complexity Level

8.8

Complexity Level is advanced

7 - challenging

Work Life Balance

5.6

Work Life balance is fair

6.4 - fair

Key steps to become a mortgage consultant

Explore mortgage consultant education requirements

Most common mortgage consultant degrees

Bachelor's

66.6 %

Associate

15.5 %

High School Diploma

6.7 %

Start to develop specific mortgage consultant skills

Skills	Percentages
Customer Service	21.73%
Origination	10.16%
NMLS	7.77%
Financial Services	6.76%
Loan Products	5.34%

Complete relevant mortgage consultant training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New mortgage consultants learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a mortgage consultant based on U.S. Bureau of Labor Statistics data and data from real mortgage consultant resumes.

Research mortgage consultant duties and responsibilities

Coach new Jr. HMC's, lead team Jr. meetings and activities.
Manage a multifacete commercial real estate investment firm.
Well verse in FHA, VA, USDA loan programs and government regulations.
Originate secondary market mortgage loans, including FHA, VA, USDA, and conventional products.

Prepare your mortgage consultant resume

When your background is strong enough, you can start writing your mortgage consultant resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a mortgage consultant resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Mortgage Consultant Resume templates

Build a professional Mortgage Consultant resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Mortgage Consultant resume.

Apply for mortgage consultant jobs

Now it's time to start searching for a mortgage consultant job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do mortgage consultants rate their job?

-/5

5 Stars

4 Stars

3 Stars

2 Stars

1 Star

Mortgage Consultant reviews

A zippia user wrote a review on Mar 2022

Pros

Helping People, secure a better financial future

Cons

Having to Decline applicants

A zippia user wrote a review on Oct 2019