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The differences between home mortgage consultants and senior loan processors 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 processor. Additionally, a senior loan processor has an average salary of $50,297, 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 processor are customer service, FHA, and va.
| Home Mortgage Consultant | Senior Loan Processor | |
| Yearly salary | $36,437 | $50,297 |
| Hourly rate | $17.52 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 50% |
| 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 processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Home mortgage consultants and senior loan processors have different pay scales, as shown below.
| Home Mortgage Consultant | Senior Loan Processor | |
| Average salary | $36,437 | $50,297 |
| Salary range | Between $26,000 And $50,000 | Between $33,000 And $75,000 |
| Highest paying City | - | Baltimore, MD |
| Highest paying state | - | Hawaii |
| Best paying company | - | Accenture |
| Best paying industry | - | Professional |
There are a few differences between a home mortgage consultant and a senior loan processor in terms of educational background:
| Home Mortgage Consultant | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 50% |
| 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 processors' demographics:
| Home Mortgage Consultant | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 23.0% Female, 77.0% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |