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The differences between home mortgage consultants and escrow officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a home mortgage consultant and an escrow officer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $36,437 average annual salary of a home mortgage consultant.
The top three skills for a home mortgage consultant include customer service, financial professionals and NMLS. The most important skills for an escrow officer are customer service, HOA, and title insurance.
| Home Mortgage Consultant | Escrow Officer | |
| Yearly salary | $36,437 | $50,270 |
| Hourly rate | $17.52 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 47% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Mortgage Consultants work to help people or businesses find the right lenders to get a mortgage from. They work with customers to find options that fit their current circumstances and financial capacity. They deal with lending institutions (banks, credit unions, mortgage bankers, or savings and loan associations) and act on behalf of potential borrowers to get the best deals. Consultants prefer working as independent contractors and not work for lending institutions and convince real estate agents to recommend them to clients when they apply for a loan.
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.
Home mortgage consultants and escrow officers have different pay scales, as shown below.
| Home Mortgage Consultant | Escrow Officer | |
| Average salary | $36,437 | $50,270 |
| Salary range | Between $26,000 And $50,000 | Between $36,000 And $70,000 |
| Highest paying City | - | Walnut Creek, CA |
| Highest paying state | - | New Mexico |
| Best paying company | - | Fidelity National Financial |
| Best paying industry | - | Finance |
There are a few differences between a home mortgage consultant and an escrow officer in terms of educational background:
| Home Mortgage Consultant | Escrow Officer | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between home mortgage consultants' and escrow officers' demographics:
| Home Mortgage Consultant | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 14.9% Female, 85.1% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |