Credit counselor vs loan analyst

The differences between credit counselors and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a credit counselor, becoming a loan analyst takes usually requires 4-6 years. Additionally, a credit counselor has an average salary of $40,227, which is higher than the $37,857 average annual salary of a loan analyst.

The top three skills for a credit counselor include customer service, debt management and outbound calls. The most important skills for a loan analyst are loan documentation, customer service, and real estate.

Credit counselor vs loan analyst overview

	Credit Counselor	Loan Analyst
Yearly salary	$40,227	$37,857
Hourly rate	$19.34	$18.20
Growth rate	-8%	4%
Number of jobs	32,221	24,756
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 66%
Average age	45	45
Years of experience	2	6

Credit counselor vs loan analyst salary

Credit counselors and loan analysts have different pay scales, as shown below.

	Credit Counselor	Loan Analyst
Average salary	$40,227	$37,857
Salary range	Between $27,000 And $59,000	Between $24,000 And $58,000
Highest paying City	New York, NY	Raleigh, NC
Highest paying state	New York	South Dakota
Best paying company	BNY Mellon	Barclays
Best paying industry	Finance	Finance

Differences between credit counselor and loan analyst education

There are a few differences between a credit counselor and a loan analyst in terms of educational background:

	Credit Counselor	Loan Analyst
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Credit counselor vs loan analyst demographics

Here are the differences between credit counselors' and loan analysts' demographics:

	Credit Counselor	Loan Analyst
Average age	45	45
Gender ratio	Male, 41.2% Female, 58.8%	Male, 43.2% Female, 56.8%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between credit counselor and loan analyst duties and responsibilities

Credit counselor example responsibilities.

Manage accounting operations, accounting close, account reporting and reconciliations.
Conduct underwriting reviews on FHA, VA, and other conforming and non-conforming loans within proper authority limits.
Gain thorough knowledge of FDCPA laws.
Complete in-service trainings, CPR training and medication certification course.
Determine services and assistance need through individual counseling for credit cards and for clients that are at risk for foreclosure.
Perform comprehensive financial assessment of homeowners facing financial crisis and at risk of foreclosure.

Loan analyst example responsibilities.

Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Prepare and remit quarterly / semi-annual USDA reporting
Communicate with FHA, VA, FNMA and FHLMC investors for any missing documents that are not include at closing.
Review government loan's documents including FHA & VA loans, and approves or suspends the loans after the underwriter decision.
Contact correspondent lenders for any missing documents and request correction of documents when necessary.
Select to participate in company management as a critical member of loan origination process improvement team.

Credit counselor vs loan analyst skills

Common credit counselor skills

Customer Service, 19%
Debt Management, 14%
Outbound Calls, 10%
Inbound Calls, 8%
Payment Arrangements, 4%
Credit Reviews, 4%

Common loan analyst skills

Loan Documentation, 13%
Customer Service, 12%
Real Estate, 9%
Financial Statements, 9%
Loan Portfolio, 4%
Data Entry, 4%