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The differences between junior loan officers and mortgage 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 mortgage consultant. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Junior Loan Officer | Mortgage Consultant | |
| Yearly salary | $39,006 | $38,934 |
| Hourly rate | $18.75 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 67% |
| 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 mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Junior loan officers and mortgage consultants have different pay scales, as shown below.
| Junior Loan Officer | Mortgage Consultant | |
| Average salary | $39,006 | $38,934 |
| Salary range | Between $28,000 And $53,000 | Between $23,000 And $63,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Carnival Cruise Line | Centennial Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a junior loan officer and a mortgage consultant in terms of educational background:
| Junior Loan Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and mortgage consultants' demographics:
| Junior Loan Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 58.2% Female, 41.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |