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The differences between branch lending officers and loan consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a branch lending officer and a loan consultant. Additionally, a branch lending officer has an average salary of $46,615, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Branch Lending Officer | Loan Consultant | |
| Yearly salary | $46,615 | $38,876 |
| Hourly rate | $22.41 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A branch lending officer is typically in charge of processing loan applications, ensuring accuracy and smooth workflow. Their responsibilities revolve around liaising with clients to identify their needs, conducting interviews and assessments, gathering and reviewing requirements, and coordinating with analysts and other staff. They may also perform clerical tasks such as answering calls and correspondence, arranging appointments, and maintaining records of all transactions. Furthermore, as a branch lending officer, it is essential to provide efficient customer service, all while adhering to the company's policies and regulations, including its vision and mission.
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Branch lending officers and loan consultants have different pay scales, as shown below.
| Branch Lending Officer | Loan Consultant | |
| Average salary | $46,615 | $38,876 |
| Salary range | Between $29,000 And $73,000 | Between $27,000 And $54,000 |
| Highest paying City | Saint Cloud, MN | Sioux Falls, SD |
| Highest paying state | New Mexico | South Dakota |
| Best paying company | Citi | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a branch lending officer and a loan consultant in terms of educational background:
| Branch Lending Officer | Loan Consultant | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and loan consultants' demographics:
| Branch Lending Officer | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |