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The differences between lenders 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 lender and a mortgage consultant. Additionally, a mortgage consultant has an average salary of $38,934, which is higher than the $37,723 average annual salary of a lender.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Lender | Mortgage Consultant | |
| Yearly salary | $37,723 | $38,934 |
| Hourly rate | $18.14 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 67% |
| 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.
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.
Lenders and mortgage consultants have different pay scales, as shown below.
| Lender | Mortgage Consultant | |
| Average salary | $37,723 | $38,934 |
| Salary range | Between $25,000 And $55,000 | Between $23,000 And $63,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Citi | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a mortgage consultant in terms of educational background:
| Lender | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and mortgage consultants' demographics:
| Lender | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 58.2% Female, 41.8% |
| 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, 9.3% 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% |