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The differences between loan advisers 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 loan adviser and a mortgage consultant. Additionally, a loan adviser has an average salary of $40,365, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Adviser | Mortgage Consultant | |
| Yearly salary | $40,365 | $38,934 |
| Hourly rate | $19.41 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
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.
Loan advisers and mortgage consultants have different pay scales, as shown below.
| Loan Adviser | Mortgage Consultant | |
| Average salary | $40,365 | $38,934 |
| Salary range | Between $28,000 And $56,000 | Between $23,000 And $63,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Centennial Bank |
| Best paying industry | - | Finance |
There are a few differences between a loan adviser and a mortgage consultant in terms of educational background:
| Loan Adviser | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and mortgage consultants' demographics:
| Loan Adviser | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 58.2% Female, 41.8% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |