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The differences between home mortgage consultants and loan analysts 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 analyst. Additionally, a loan analyst has an average salary of $37,857, 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 analyst are loan documentation, customer service, and real estate.
| Home Mortgage Consultant | Loan Analyst | |
| Yearly salary | $36,437 | $37,857 |
| Hourly rate | $17.52 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Home mortgage consultants and loan analysts have different pay scales, as shown below.
| Home Mortgage Consultant | Loan Analyst | |
| Average salary | $36,437 | $37,857 |
| Salary range | Between $26,000 And $50,000 | Between $24,000 And $58,000 |
| Highest paying City | - | Raleigh, NC |
| Highest paying state | - | South Dakota |
| Best paying company | - | Barclays |
| Best paying industry | - | Finance |
There are a few differences between a home mortgage consultant and a loan analyst in terms of educational background:
| Home Mortgage Consultant | Loan Analyst | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between home mortgage consultants' and loan analysts' demographics:
| Home Mortgage Consultant | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |