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The differences between home mortgage consultants and loan 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 a loan officer. Additionally, a loan officer has an average salary of $45,817, 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 officer are customer service, origination, and loan origination.
| Home Mortgage Consultant | Loan Officer | |
| Yearly salary | $36,437 | $45,817 |
| Hourly rate | $17.52 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Home mortgage consultants and loan officers have different pay scales, as shown below.
| Home Mortgage Consultant | Loan Officer | |
| Average salary | $36,437 | $45,817 |
| Salary range | Between $26,000 And $50,000 | Between $30,000 And $69,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Bangor Savings Bank |
| Best paying industry | - | Finance |
There are a few differences between a home mortgage consultant and a loan officer in terms of educational background:
| Home Mortgage Consultant | Loan Officer | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between home mortgage consultants' and loan officers' demographics:
| Home Mortgage Consultant | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |