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To become a mortgage advisor trainee, a high school diploma is required, but a college degree is not necessary. Sales experience and knowledge of the real estate or banking industry are important. Good math skills, computer proficiency, and interpersonal skills are also necessary. Some companies require a government-run training session and exam. Prior experience in the local real estate or loan market is beneficial.
Mortgage advisors submit loan applications on behalf of borrowers and proactively market loan products to prospective clients. Someone who wants to become a mortgage consultant trainee must successfully complete high school, although most mortgage companies do not require consultants to have a college degree. Previous sales experience, as well as knowledge of the real estate or banking industry, will increase an individual’s chances of landing a job as a trainee.
Although many advisers do not have a college degree, mortgages involve complex calculations. Typically, the amount of a loan depends in part on the applicant’s debt/income level, and the total loan amount will be a percentage of the home’s value; therefore someone who wants to become a mortgage adviser apprentice must be good at math. Most consultants liaise with clients and loan applicants via email, which means that interns must have a good understanding of the most commonly used computer software programs and the ability to enter data without making mistakes.
In many areas, multiple banks compete for loan customers and mortgage advisers are responsible for ensuring that production targets are met. Consequently, anyone wishing to become a mortgage advisor trainee must have prior sales experience and good interpersonal skills. Some lenders prefer to hire interns who have previously worked for banks or insurance companies, as many employees of these companies are tasked with generating direct or indirect sales of financial products and services. People with experience marketing credit cards, car loans, and similar types of banking products are often considered suitable for a mortgage advisor role. In other cases, lenders hire people with experience in selling high-value items such as cars, boats or motor homes.
Lending regulations in some countries mean that those involved in the mortgage industry must successfully complete government-run training sessions that usually culminate in an exam. Some companies require anyone wanting to become a trainee mortgage consultant to have passed this exam before submitting a job application. In other cases, companies employ individuals with extensive industry knowledge and provide these people with on-the-job training before sponsoring them to attend classes and regulatory exams.
Real estate markets vary between regions, and the types of mortgages that homeowners can obtain in one area are not always as readily available elsewhere. Therefore, someone wishing to become a mortgage advisor trainee may have prior experience working in the local real estate or loan market. Some companies actively recruit licensed real estate agents to work as mortgage consultants, as these individuals have knowledge of real estate and sales techniques.
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