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The differences between branch lending officers and mortgage 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 mortgage consultant. Additionally, a branch lending officer has an average salary of $46,615, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Branch Lending Officer | Mortgage Consultant | |
| Yearly salary | $46,615 | $38,934 |
| Hourly rate | $22.41 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| 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 mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Branch lending officers and mortgage consultants have different pay scales, as shown below.
| Branch Lending Officer | Mortgage Consultant | |
| Average salary | $46,615 | $38,934 |
| Salary range | Between $29,000 And $73,000 | Between $23,000 And $63,000 |
| Highest paying City | Saint Cloud, MN | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | Citi | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a branch lending officer and a mortgage consultant in terms of educational background:
| Branch Lending Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and mortgage consultants' demographics:
| Branch Lending Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 58.2% Female, 41.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |