What Does a Mortgage Advisor Trainee Do?

K. Kinsella
K. Kinsella
A mortgage advisor trainee may be tasked with compiling financial records.
A mortgage advisor trainee may be tasked with compiling financial records.

A mortgage advisor trainee works alongside an experienced mortgage lender or broker and learns how to market various types of lending products to consumers and businesses. Typically, an applicant for a trainee role must have successfully graduated from high school, and some firms require applicants to have also completed undergraduate degree programs in finance or a related topic. In some nations, a mortgage advisor trainee must be licensed in which case the trainee may spend some time each day attending classroom based training sessions that prepare the candidate to take a licensing exam.

Anyone wishing to work as a mortgage advisor trainee must have good sales and interpersonal skills. Many firms prefer to hire individuals who have previously work in sales positions while others provide on-the-job training to new recruits. Sales training often takes the form of role-playing sessions during which the trainee is shown different techniques for highlighting the attributes of a particular property and various ways of closing the deal. Aside from role-playing, trainees shadow experienced mortgage brokers who share their own best practices and negotiation techniques.

Most brokers and lenders issue a variety of different loan products that include amortizing mortgages, variable rate loans, interest only products and various types of revolving equity lines. A trainee mortgage broker must study company product manuals to learn about the features and benefits of each of these products. Additionally, many firms also require trainees to learn about the kinds of loans that are available through its competitors. In some areas, government agencies partner with lenders to offer low cost loans and a trainee may spend some time working with a government employed lending agent to learn about the details of these programs.

Laws in many nations enable homeowners to buy down loan interest rates by making upfront one-off interest only payments. Making such a payment may or may not be in the homeowner's best interests in the long run but a mortgage advisor trainee must learn how to quickly calculate whether such a move makes financial sense. Some lenders use loan payment calculators to create comparison charts in which case two payment scenarios are detailed side-by-side. Trainees may watch experienced brokers using these charts with clients and some brokers may even allow the trainee to handle this part of the sales presentation.

Eventually, a mortgage advisor trainee can transition into a permanent lending role but in the short-term, these individuals provide clerical and administrative support to established brokers. Therefore, a trainee may set appointments, mail letters or answer phone calls on the broker's behalf. The training program may last for weeks or months but as it progresses, trainees are typically given increased levels of responsibility.

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    • A mortgage advisor trainee may be tasked with compiling financial records.
      By: maotun
      A mortgage advisor trainee may be tasked with compiling financial records.