A mortgage consultant is a professional who acts as an independent intermediary who brokers mortgage loans for people or companies on behalf of the principal. In addition, he is also responsible to provide information and resources related to mortgage loans. However, not all mortgage consultants are created equally. In order to find the best mortgage consultant possible, it is important that borrowers understand the difference between a mortgage consultant and a mortgage loan officer. Here are some of the key differences:
Mortgage brokers are licensed in most jurisdictions and possess extensive experience in the mortgage industry. Mortgage brokers often serve as the face of a lending company. He or she not only offers services to potential borrowers but can also provide personal services such as processing applications and arranging paperwork. When comparing mortgage brokers, it is important to look at the quality of their service, their track record, and their fees and charges. Those mortgage brokers that have stellar track records and high client retention rates are the best to work with.
A mortgage consultant is typically a mortgage broker’s opposite side. A consultant provides mortgage advice to potential borrowers and is responsible for providing the necessary documents to that borrowers. Because a consultant generally has less experience than his or her counterpart, fees charged by a consultant will be more expensive. Most importantly, a consultant is not able to provide the personal service that a mortgage broker provides. In most cases, a consultant will have to rely on his own skills and experience to close the deal.
Many mortgage consultants offer a variety of mortgage products. These mortgage consultants have taken the time to research mortgage products and lenders in order to pair them with the best mortgage products. In turn, they are able to provide prospective borrowers with the most relevant information possible about the different mortgage products that are available. However, the cost of obtaining this information and data are what makes a mortgage consultant different from his or her counterparts. For example, if a mortgage consultant works with a specific lender, he or she can only advise that particular lender on a given product.
The cost of hiring mortgage consultants is often one of the primary reasons that many mortgage consultants choose to work with a specific lender. Many mortgage consultants tend to charge a fixed fee per hour or per project. As the number of projects that they handle increases, however, the price per hour or per project increases as well. Depending on the volume of mortgage consultants that you choose, it could end up costing you thousands of dollars per year. On the other hand, if you outsource your needs to a company that is efficient and reputable, it could end up saving you money in the long run.
If you were to do an online search, you would be able to locate a large number of mortgage consultants. From there, you could sort them out by their area of expertise, the age of their employees, or the type of services that they offer. As you sort through the resumes, you might even be able to find a handful of companies that meet both your criteria. Now, when you are evaluating each potential company, it is important to keep in mind that you are contacting a past employee, which could affect your opinion of that company in some way. What you need to consider is whether or not the company’s employees are efficient, qualified, and professional.
In our research, we did not see one instance where experience with actual mortgage consultants was required. There are, however, many degree resumes from mortgage consultants that do list some sort of industry related experience. We recommend checking these out, as they are likely to have experience that you need. In fact, we found that many mortgage consultant jobs require at least a bachelor’s degree in finance, accounting, or business administration.
One final thing that you may want to keep in mind as you sort through your mortgage loan options is that the broker that you hire plays a key role within the loan process. While the mortgage consultant will meet with different lenders to discuss your options, the broker does much more. For example, he or she is the one that contacts various lenders on your behalf. In addition, the broker is responsible for coordinating the loan process between you and the lender. If you can’t find a broker that is willing to work closely with you, it is likely that you are not being completely treated fairly by your lender.