A mortgage consultant trainee learns how to market various types of products to clients and businesses, requiring good sales and interpersonal skills. They study product manuals, learn about competitors’ loans, and calculate whether buying off loan interest rates makes financial sense. Trainees provide administrative support to established brokers and are given increased levels of responsibility as the training program progresses.
A mortgage consultant trainee works alongside an experienced lender or mortgage broker and learns how to market various types of products to clients and businesses. Typically, a candidate for a trainee role must have successfully graduated from high school and some companies require candidates to also have completed degree programs in finance or a related topic. In some nations, a mortgage advisor trainee must be licensed. In this case, the trainee can spend some time each day participating in classroom training sessions that prepare the candidate to take a licensing exam.
Anyone who wants to work as a mortgage consultant trainee must have good sales and interpersonal skills. Many companies prefer to hire people who have previously worked in sales positions, while others provide on-the-job training for new recruits. Sales training usually takes the form of role-play sessions, during which the intern is shown different techniques for highlighting the attributes of a specific property and various ways to close the deal. In addition to role-playing, trainees shadow experienced mortgage brokers who share their own negotiation practices and techniques.
Most brokers and lenders issue a variety of different loan products, which include mortgage repayments, variable rate loans, interest only products, and various types of revolving capital lines. A trainee mortgage broker should study the company’s product manuals to learn about the features and benefits of each of these products. Additionally, many companies also require interns to learn about the types of loans available through their competitors. In some areas, government agencies partner with lenders to offer low-cost loans, and an intern can spend time working with a government-employed loan officer to learn about the ins and outs of these programs.
Laws in many countries allow homeowners to buy off loan interest rates by making timely, one-off payments. Making such a payment may or may not be in the homeowner’s best interest in the long run, but a mortgage adviser trainee must learn to quickly calculate whether this move makes financial sense. Some lenders use loan payment calculators to create comparison charts. In this case, two payment scenarios are detailed side by side. Interns can watch experienced brokers use these charts with clients and some may even allow the intern to handle this part of the sales presentation.
Eventually, a mortgage advisor trainee may transition into a permanent loan role, but in the short term, these individuals provide administrative and administrative support to established brokers. Therefore, an intern can make appointments, send letters or answer phone calls on behalf of the broker. The training program can last for weeks or months, but as it progresses, trainees are usually given increased levels of responsibility.
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