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The differences between home mortgage consultants and senior 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 senior loan officer. Additionally, a senior loan officer has an average salary of $37,162, 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 senior loan officer are customer service, loan applications, and origination.
| Home Mortgage Consultant | Senior Loan Officer | |
| Yearly salary | $36,437 | $37,162 |
| Hourly rate | $17.52 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 65,807 |
| 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 senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Home mortgage consultants and senior loan officers have different pay scales, as shown below.
| Home Mortgage Consultant | Senior Loan Officer | |
| Average salary | $36,437 | $37,162 |
| Salary range | Between $26,000 And $50,000 | Between $29,000 And $46,000 |
| Highest paying City | - | Miami, FL |
| Highest paying state | - | Hawaii |
| Best paying company | - | Salal Credit Union |
| Best paying industry | - | Finance |
There are a few differences between a home mortgage consultant and a senior loan officer in terms of educational background:
| Home Mortgage Consultant | Senior Loan Officer | |
| 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 senior loan officers' demographics:
| Home Mortgage Consultant | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 69.4% Female, 30.6% |
| 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% |