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How do I Become a Mortgage Counselor?

Article Details
  • Written By: N. Madison
  • Edited By: Jenn Walker
  • Last Modified Date: 31 July 2018
  • Copyright Protected:
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Many people who want to begin jobs as mortgage counselors do so after earning a high school diploma, or its equivalent, and gaining experience in a mortgage, banking, or customer-service field. This depends, however, on the unique requirements of the employer. There are some who may only hire candidates with bachelor’s degrees. There are, however, employers who are willing to hire individuals based on their experience in the financial industry. Some companies may even be willing to train a person who wants to become a mortgage counselor.

Mortgage loan counselors typically help individuals who are having difficulty qualifying for a loan or keeping up with the payments on a traditional loan. They may also help individuals who qualify for a loan, but have low incomes. A mortgage loan counselor’s job is typically to protect the interest of the company for which he works while also providing help for borrowers. His regular tasks may include guiding consumers through the loan application and payment process, evaluating credit and financial status, answering borrower questions, explaining loan terms, and providing options for those unable to secure traditional loans.

Earning a high school diploma or its equivalent is essential for a person who wants to become a mortgage counselor. Most companies require this, at minimum. While in high school, a person who wants to become a mortgage counselor may prepare for this career by taking classes in algebra, economics, and accounting. Statistics classes may prove helpful as well.

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An individual who wants to become a mortgage counselor may decide to attend college and earn a bachelor’s degree. While not always required, earning a degree may make a prospective mortgage counselor a more attractive job candidate. Earning a college degree may not only open up more job opportunities in mortgage counseling, but also help a mortgage counselor advance to a position of higher responsibility more quickly. It may even help him to secure higher pay. Some majors that are common choices for individuals in the mortgage industry include finance, accounting, and business administration.

Gaining experience is important for a person who wants to become a mortgage loan counselor. An individual may gain experience by working at a bank or other type of financial institution. For example, a person interested in this field may start out as a teller, sales representative, or customer-service representative in a bank. Sometimes financial institution experience is considered equivalent to some of the education a person could receive in college.

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