What are the day-to-day responsibilities of a Mortgage Advisor?

What are the day-to-day responsibilities of a Mortgage Advisor?

As a Mortgage Advisor, you are responsible for helping prospective homeowners, or existing homeowners navigate the financial complexities that come with securing a mortgage. A Mortgage Advisor will assess every individual household’s income, previous loans, credit scores and ongoing expenses to match them to the best possible loan or product provider. Being a Mortgage Advisor is a heavily people based job, whether it be maintaining relationships with clients, estate agents or lenders, people will be at the forefront of your career. 

Being a Mortgage Advisor is a very attractive career for many, and rightfully so. Purchasing a home is momentous for most people and there is a satisfaction in helping people achieve this, there is also great earning potential as a Mortgage Advisor especially considering most Advisor positions offer commission on the business you write.

However, many aspiring Mortgage Advisors will be curious about what an average day looks like for a Mortgage Advisor, before entering a career in mortgage advice. In this blog we will overview the numerous daily tasks that many Mortgage Advisors will undergo so that you have a better understanding of the realities of the job.

Some of the common, day-to-day task a Mortgage Advisor can expect to undertake are:

  1. Meeting with clients to review their financial situation and homeownership goals. This could entail reviewing their credit reports, talking to them about their income and employment history, and assessing any of the current financial obligations that they may have.
  1. Discussing a client’s mortgage options with them. This could include overviewing the pros and cons of many types of loans, such as fixed-rate, tracker or variable rate mortgages, you can also expect to discuss the terms that different lenders and product providers have in relation to the relevant loan or mortgage.
  1. Collating and arranging financial documents. For a client to secure their mortgage, as their Mortgage Advisor you’ll need to ensure that your client has all the relevant documents such as: proof of their income, address and identity, their credit history, and other financial information. You’ll collaborate with your clients to collect the necessary documentation and ensure that it is relevant, necessary and accurate.
Day-to-day Mortgage Advisor
  1. Loan application submission and working with underwriters. When you have found the best fitting product for your client, you will have to fill out a loan application, which gets submitted to the relevant lender. You might also have to work with underwriters as sometimes during the application process there could be issues that need reviewing or additional information that has to be provided.
  1. Keep your clients in the know throughout the review process. A mortgage is a big financial decision, so it is natural that throughout the review process, your clients may have worries or questions. Common client worries that you will give them feedback on include: updating them about the status of their application and any changes, letting the clients know if there are any problems that arise regarding their application, and answering any other questions they have about the process.
  1. Keeping yourself informed on any developments in mortgage lending regulations and the industry best practices. The mortgage industry is one that is constantly evolving, therefore it is vital to stay informed on any changes in lending regulations and best practices. This could entail attending career development courses, going to mortgage industry conferences and events, or reading industry news.
  1. Sustain accurate records and adhere to compliance standards. As a Mortgage Advisor, it is very important that you keep organised of any past records from your work and maintain your adherence to compliance standards. This could look like: keeping on top of any client communications, providing records to your firm or employer, and ensuring your maintaining confidentiality.
  1. Networking and continuing to build relationships with clients and industry professionals. This can vary from other Mortgage Advisors, Estate Agents and prospective home buyers. This is so pertinent because it keeps your pipeline full and could grant you new leads,This is important for any Mortgage Advisor but it is even more important for an Advisor that has to self-generate. This could involve networking at industry events, maintaining contact with past clients, and collaborating with real estate agents and other professionals. 

There are a multitude of tasks that Mortgage Advisors undertake on a day to day. Advisors are constantly working with different clients that all have different financial needs which can make it a varied and interesting career. 

If you want to know more about the industry and how you can achieve a career as an advisor, Call us now for a free, no-pressure chat with one of our experts. 

If you are interested in a career in the mortgage industry, we have a number of vacancies here at Premier Jobs UK.