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The differences between escrow officers and loan consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both an escrow officer and a loan consultant. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Escrow Officer | Loan Consultant | |
| Yearly salary | $50,270 | $38,876 |
| Hourly rate | $24.17 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Escrow officers and loan consultants have different pay scales, as shown below.
| Escrow Officer | Loan Consultant | |
| Average salary | $50,270 | $38,876 |
| Salary range | Between $36,000 And $70,000 | Between $27,000 And $54,000 |
| Highest paying City | Walnut Creek, CA | Sioux Falls, SD |
| Highest paying state | New Mexico | South Dakota |
| Best paying company | Fidelity National Financial | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between an escrow officer and a loan consultant in terms of educational background:
| Escrow Officer | Loan Consultant | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and loan consultants' demographics:
| Escrow Officer | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |