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The differences between credit officers and mortgage consultants 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 officer, becoming a mortgage consultant takes usually requires 4-6 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Credit Officer | Mortgage Consultant | |
| Yearly salary | $129,478 | $38,934 |
| Hourly rate | $62.25 | $18.72 |
| Growth rate | 17% | 4% |
| Number of jobs | 60,323 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 67% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
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.
Credit officers and mortgage consultants have different pay scales, as shown below.
| Credit Officer | Mortgage Consultant | |
| Average salary | $129,478 | $38,934 |
| Salary range | Between $85,000 And $196,000 | Between $23,000 And $63,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Farm Credit System | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a credit officer and a mortgage consultant in terms of educational background:
| Credit Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and mortgage consultants' demographics:
| Credit Officer | Mortgage Consultant | |
| Average age | 39 | 45 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 58.2% Female, 41.8% |
| Race ratio | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% | 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 | 11% | 8% |