Becoming a mortgage adviser means having people skills. Mortgage advisers tend to find work in banks, building societies, insurance firms, mortgage broker firms and also have the option to work in a home office. However, being a self-employed mortgage adviser can be a little more flexible since you can control your work schedule and workload.
A mortgage adviser's job is to help people in search of housing find and apply for the right mortgage. They must also make sure their clients are fully informed about the variety of different mortgages that are available. Often employers seek employees that have a background in customer service, sales or financial services. Most mortgage brokers start off as customer service advisers. Once you gain experience you could gradually progress into giving mortgage advice.
Tasks and Responsibilities
A mortgage adviser's responsibilities include dealing with estate agents, keeping up to date with current market and law, meeting sales targets, and working closely with clients. Mortgage advisers also develop new prospects, enhance business relationships, apply expert knowledge of the business and it's products, generating loan volume and conducting lead generating and client service activities.
A mortgage adviser should possess at least a high school diploma; however, a Bachelor's degree is preferred as well as two years experience originating mortgage loans. Also experience in mortgage operations and processing or underwriting is required as well as knowledge of FNMA, FHLC, FHA, and VA guidelines.
Knowledge, Skills and Abilities
A mortgage adviser must have good communication and listening skills, an interest in legal and financial matters, an honest and trustworthy attitude, the ability to explain complex information, good mathematical and computer skills and must have great customer service skills.
A mortgage adviser's salary can be anywhere between £11,700 and £16,250 without commission. With commission, a mortgage adviser can make around £26,000 to £32,500.
A mortgage adviser's training will most likely take place at a bank or a mortgage broker's office. In order to become a mortgage adviser you must take an industry recognised qualification exam that meets the Financial Services Authority's (FSA) criteria which is an independent body which regulates its business in the United Kingdom. Mortgage advisers in the United States are not required to pass an exam.
Most mortgage advisers work full time. However, mortgage advisers who decide to become independent advisers have the option to work part time hours. The work environment of a mortgage adviser is normally in an office setting, however, some independent mortgage advisers work from the comfort of their own homes.