A mortgage advisor trainee learns how to market various types of lending products to consumers and businesses while working alongside an experienced mortgage lender or broker. Applicants for trainee positions must typically have completed high school, and some firms also require applicants to have completed undergraduate degree programs in finance or a related field. A mortgage advisor trainee may be required to be licensed in some countries, in which case the trainee may spend some time each day attending classroom-based training sessions to prepare for the licensing exam.
Anyone interested in becoming a mortgage advisor trainee should have excellent sales and interpersonal skills. Many companies prefer to hire people who have previously worked in sales, while others offer on-the-job training to new hires. Role-playing sessions are common in sales training, during which the trainee is shown different techniques for highlighting the benefits of a specific property and different ways to close the deal. In addition to role-playing, trainees shadow experienced mortgage brokers who share their best practices and negotiation strategies.
A variety of loan products are available from most brokers and lenders, including amortizing mortgages, variable rate loans, interest-only loans, and various types of revolving equity lines. To learn about the features and benefits of each of these products, a trainee mortgage broker must study company product manuals. Many companies also require trainees to learn about the different types of loans offered by their competitors. In some areas, government agencies collaborate with lenders to provide low-cost loans, and a trainee may spend time learning about these programs from a government-employed lending agent.
Many countries’ laws allow homeowners to lower loan interest rates by making one-time interest-only payments. Making such a payment may or may not be in the best interests of the homeowner in the long run, but a mortgage advisor trainee must learn to quickly calculate whether such a move is financially sound. Some lenders create comparison charts using loan payment calculators, in which two payment scenarios are detailed side by side. Experienced brokers may demonstrate how to use these charts with clients, and some brokers may even let the trainee handle this part of the sales presentation.
A mortgage advisor trainee can eventually advance to a permanent lending position, but in the meantime, they provide clerical and administrative support to established brokers. As a result, a trainee can make appointments, send letters, and take phone calls on behalf of the broker. The training program can last weeks or months, but as time goes on, trainees are typically given more responsibilities.