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The differences between lenders and home 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 lender and a home mortgage consultant. Additionally, a lender has an average salary of $37,723, which is higher than the $36,437 average annual salary of a home mortgage consultant.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a home mortgage consultant are customer service, financial professionals, and NMLS.
| Lender | Home Mortgage Consultant | |
| Yearly salary | $37,723 | $36,437 |
| Hourly rate | $18.14 | $17.52 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 53,987 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
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.
Lenders and home mortgage consultants have different pay scales, as shown below.
| Lender | Home Mortgage Consultant | |
| Average salary | $37,723 | $36,437 |
| Salary range | Between $25,000 And $55,000 | Between $26,000 And $50,000 |
| Highest paying City | Seattle, WA | - |
| Highest paying state | South Dakota | - |
| Best paying company | Citi | - |
| Best paying industry | Finance | - |
There are a few differences between a lender and a home mortgage consultant in terms of educational background:
| Lender | Home Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and home mortgage consultants' demographics:
| Lender | Home Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 62.7% Female, 37.3% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% 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% |