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The differences between home mortgage consultants and loan originators 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 originator. Additionally, a loan originator has an average salary of $41,291, 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 originator are customer service, origination, and FHA.
| Home Mortgage Consultant | Loan Originator | |
| Yearly salary | $36,437 | $41,291 |
| Hourly rate | $17.52 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 10,716 |
| Job satisfaction | - | - |
| 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.
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Home mortgage consultants and loan originators have different pay scales, as shown below.
| Home Mortgage Consultant | Loan Originator | |
| Average salary | $36,437 | $41,291 |
| Salary range | Between $26,000 And $50,000 | Between $28,000 And $60,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | South Dakota |
| Best paying company | - | Centennial Bank |
| Best paying industry | - | Transportation |
There are a few differences between a home mortgage consultant and a loan originator in terms of educational background:
| Home Mortgage Consultant | Loan Originator | |
| 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 originators' demographics:
| Home Mortgage Consultant | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |