Reverse Mortgage Loan Advisor

A loan advisor has elected not to seek designation as an FHA-approved loan correspondent but nevertheless wants to sell reverse mortgages.

The loan advisor can work directly with a wholesale lender or a correspondent of a wholesale lender.

Duties performed include answering any questions the consumer may have about reverse mortgages, arranging for mandatory counseling and performing other minor functions that occur prior to loan application.

Once all the pre-application duties have been performed, the loan package is sent by the loan advisor to the wholesale lender or loan correspondent, who is then responsible for underwriting, processing, and funding the loan.

As was mentioned earlier, because a loan advisor is not FHA-approved, the amount of work performed, and the fee earned, is much less compared to someone who is FHA-approved.

If you are interested in employment or looking for a new career in the Reverse Mortgage field, please contact RTG Consultants. Also, feel free to call us toll free at 1-888-973-8377 with any questions.