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The differences between junior loan officers and loan consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a junior loan officer and a loan consultant. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Junior Loan Officer | Loan Consultant | |
| Yearly salary | $39,006 | $38,876 |
| Hourly rate | $18.75 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Junior loan officers and loan consultants have different pay scales, as shown below.
| Junior Loan Officer | Loan Consultant | |
| Average salary | $39,006 | $38,876 |
| Salary range | Between $28,000 And $53,000 | Between $27,000 And $54,000 |
| Highest paying City | New York, NY | Sioux Falls, SD |
| Highest paying state | New York | South Dakota |
| Best paying company | Carnival Cruise Line | Accion |
| Best paying industry | Professional | Finance |
There are a few differences between a junior loan officer and a loan consultant in terms of educational background:
| Junior Loan Officer | Loan Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and loan consultants' demographics:
| Junior Loan Officer | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |