Credit counselor vs loan officer

The differences between credit counselors and loan officers 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 officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $40,227 average annual salary of a credit counselor.

The top three skills for a credit counselor include customer service, debt management and outbound calls. The most important skills for a loan officer are customer service, origination, and loan origination.

Credit counselor vs loan officer overview

	Credit Counselor	Loan Officer
Yearly salary	$40,227	$45,817
Hourly rate	$19.34	$22.03
Growth rate	-8%	4%
Number of jobs	32,221	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 61%
Average age	45	45
Years of experience	2	6

Credit counselor vs loan officer salary

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

	Credit Counselor	Loan Officer
Average salary	$40,227	$45,817
Salary range	Between $27,000 And $59,000	Between $30,000 And $69,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	BNY Mellon	Bangor Savings Bank
Best paying industry	Finance	Finance

Differences between credit counselor and loan officer education

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

	Credit Counselor	Loan Officer
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Credit counselor vs loan officer demographics

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

	Credit Counselor	Loan Officer
Average age	45	45
Gender ratio	Male, 41.2% Female, 58.8%	Male, 55.3% Female, 44.7%
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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between credit counselor and loan officer 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 officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Credit counselor vs loan officer 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 officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%