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The differences between commercial bankers 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 commercial banker and a mortgage consultant. Additionally, a commercial banker has an average salary of $78,697, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a commercial banker include customer service, business development and treasury. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Commercial Banker | Mortgage Consultant | |
| Yearly salary | $78,697 | $38,934 |
| Hourly rate | $37.84 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 45,270 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A commercial banker is responsible for providing financial advice and selling financial instruments to corporate clients according to their business needs and specifications. Commercial bankers process the opening and registration of corporate client accounts, updating the clients with current financial services, and resolving account disputes. They also manage investment options and identify opportunities that would help the bank gain more prospective clients that would increase the company's revenues and profitability. A commercial banker must have excellent knowledge of the banking industry to determine banking solutions for clients for their best interests.
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.
Commercial bankers and mortgage consultants have different pay scales, as shown below.
| Commercial Banker | Mortgage Consultant | |
| Average salary | $78,697 | $38,934 |
| Salary range | Between $51,000 And $121,000 | Between $23,000 And $63,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | Northern Trust | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a commercial banker and a mortgage consultant in terms of educational background:
| Commercial Banker | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial bankers' and mortgage consultants' demographics:
| Commercial Banker | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 58.2% Female, 41.8% |
| Race ratio | Black or African American, 9.7% Unknown, 4.7% Hispanic or Latino, 14.7% Asian, 6.6% White, 63.8% 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% |