Debt management counselor vs loan counselor

The differences between debt management counselors and loan counselors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a debt management counselor and a loan counselor. Additionally, a debt management counselor has an average salary of $58,503, which is higher than the $49,002 average annual salary of a loan counselor.

The top three skills for a debt management counselor include legal advice, in-house and risk management. The most important skills for a loan counselor are phone calls, payment arrangements, and federal regulations.

Debt management counselor vs loan counselor overview

	Debt Management Counselor	Loan Counselor
Yearly salary	$58,503	$49,002
Hourly rate	$28.13	$23.56
Growth rate	10%	4%
Number of jobs	88,981	35,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 49%
Average age	45	45
Years of experience	2	2

Debt management counselor vs loan counselor salary

Debt management counselors and loan counselors have different pay scales, as shown below.

	Debt Management Counselor	Loan Counselor
Average salary	$58,503	$49,002
Salary range	Between $41,000 And $81,000	Between $37,000 And $63,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Mortgage Inv. Group
Best paying industry	-	Finance

Differences between debt management counselor and loan counselor education

There are a few differences between a debt management counselor and a loan counselor in terms of educational background:

	Debt Management Counselor	Loan Counselor
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 49%
Most common major	Law	Business
Most common college	University of Pennsylvania	Stanford University

Debt management counselor vs loan counselor demographics

Here are the differences between debt management counselors' and loan counselors' demographics:

	Debt Management Counselor	Loan Counselor
Average age	45	45
Gender ratio	Male, 39.9% Female, 60.1%	Male, 37.1% Female, 62.9%
Race ratio	Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.7% American Indian and Alaska Native, 0.5%	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%
LGBT Percentage	8%	8%

Differences between debt management counselor and loan counselor duties and responsibilities

Debt management counselor example responsibilities.

Manage the dispute resolution/litigation process; responding to and resolving threaten litigation; responding to subpoenas and regulatory inquiries and investigations.
Manage the dispute resolution/litigation process; responding to and resolving threaten litigation; responding to subpoenas and regulatory inquiries and investigations.
Represent MMI professionally and effectively to all constituents through participation in professional development programs and through the certification process.

Loan counselor example responsibilities.

Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
Experience in SBA underwriting that has produce SBA loan approval.
Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.

Debt management counselor vs loan counselor skills

Common debt management counselor skills

Legal Advice, 16%
In-House, 12%
Risk Management, 11%
Litigation, 9%
Real Estate, 9%
Legal Issues, 8%

Common loan counselor skills

Phone Calls, 14%
Payment Arrangements, 12%
Federal Regulations, 8%
Outbound Collection Calls, 6%
Inbound Calls, 6%
FDCPA, 4%

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Debt Management Counselor
Debt Management Counselor vs Loan Counselor

Updated January 8, 2025

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