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The differences between home mortgage consultants and loan administrators 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 a loan administrator. Additionally, a loan administrator has an average salary of $42,859, 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 a loan administrator are customer service, data entry, and loan administration.
| Home Mortgage Consultant | Loan Administrator | |
| Yearly salary | $36,437 | $42,859 |
| Hourly rate | $17.52 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Home mortgage consultants and loan administrators have different pay scales, as shown below.
| Home Mortgage Consultant | Loan Administrator | |
| Average salary | $36,437 | $42,859 |
| Salary range | Between $26,000 And $50,000 | Between $31,000 And $59,000 |
| Highest paying City | - | Seattle, WA |
| Highest paying state | - | Hawaii |
| Best paying company | - | BNY Mellon |
| Best paying industry | - | Finance |
There are a few differences between a home mortgage consultant and a loan administrator in terms of educational background:
| Home Mortgage Consultant | Loan Administrator | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between home mortgage consultants' and loan administrators' demographics:
| Home Mortgage Consultant | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |