A mortgage assistant can save you money on your home loan by performing various clerical tasks and aiding in the application process. They also collaborate closely with both clients and loan officers to simplify everything throughout the transaction.
How much a mortgage assistant earns depends on their experience, education and location. Entry-level assistants typically make $55,370 annually; however, with additional education and experience came higher salaries that could be achieved.
What to Look For When Selecting a Mortgage Assistance Company
Companies offering mortgage assistance services must meet specific criteria and be approved by the U.S Department of Housing and Urban Development, as well as complying with the Mortgage Assistance Relief Services (MARS) rule which prohibits them from charging you any fees until they deliver your loan modification or other relief solution and you accept it.
Be Wary of Scams
Scammers often target homeowners with high mortgage balances or debt, offering quick and easy solutions to their problems. Unfortunately, these tactics are typically illegal and can prove particularly damaging to those facing foreclosure.
Mortgage virtual assistants (VAs) are a cost-effective solution for independent loan officers and small lenders who cannot justify hiring full-time support staff. These VAs can be hired to handle various clerical tasks, such as answering phone calls, making appointments, preparing documents and maintaining office equipment.
Time management skills are an essential requirement for mortgage assistants. They must be able to schedule appointments and meetings, assign tasks according to different time blocks, and plan ahead for events or needs. Furthermore, strong communication and conflict resolution abilities are necessary since they frequently interact with both clients and loan officers.
Financial literacy is also necessary to become a mortgage assistant, as the job involves reviewing and verifying financial data, necessitating some basic understanding of personal finances.
Mortgage assistants often detect discrepancies in loan paperwork and communicate this to the loan originator (MLO) for review. Doing so helps prevent fraudulence and allows MLOs to screen applicants more efficiently for eligibility.
The mortgage application process can be time-consuming and complex. An assistant can ensure each client has all necessary documents and information for completion, as well as assist them in completing these documents when needed.
An assistant may make phone calls to verify a client’s income or employment status. This is especially helpful if they have recently changed jobs or been out of the workforce for some time.
Down payment assistance is another way to reduce the cost of your home loan. Through this program, you may receive cash for a down payment or cover any closing costs that come with a mortgage – costs which can add up quickly for first-time homebuyers.
To determine if a mortgage assistance program is suitable for you, speak to an experienced mortgage adviser. They can give an objective evaluation of your situation and outline all available options. Furthermore, they assist in comparing various types of assistance programs so that you find one which meets your individual needs.
