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The differences between escrow officers and mortgage 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 mortgage consultant. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Escrow Officer | Mortgage Consultant | |
| Yearly salary | $50,270 | $38,934 |
| Hourly rate | $24.17 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 67% |
| 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 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.
Escrow officers and mortgage consultants have different pay scales, as shown below.
| Escrow Officer | Mortgage Consultant | |
| Average salary | $50,270 | $38,934 |
| Salary range | Between $36,000 And $70,000 | Between $23,000 And $63,000 |
| Highest paying City | Walnut Creek, CA | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | Fidelity National Financial | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between an escrow officer and a mortgage consultant in terms of educational background:
| Escrow Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and mortgage consultants' demographics:
| Escrow Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 58.2% Female, 41.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |