If you're interested in helping people fund the house, car, or lifestyle of their dreams, you can give them support as a Loan Consultant. You'll be the guiding force to provide them with the information and help they need to become eligible for a loan.

Communication, finance, and problem-solving skills will help you navigate through being a Loan Consultant. You'll be responsible for reviewing loan applications, speaking with potential clients, verifying documentation, and evaluating financial records. Loan Consultants are also there to provide guidance and answer any questions a client may have over the status, requirements, and details of their loan.

Most companies prefer a Loan Consultant to have a bachelor's degree in business, finance, or a related field. You'll need to have great math skills, as well as thick skin if you need to deliver poor news. This is a position that is at the heart of positive and negative reactions. While this is typically a full-time position, some companies accept part-time employees. On average, a Loan Consultant makes about $41,000 a year.

What Does a Loan Consultant Do

There are certain skills that many loan consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

Learn more about what a Loan Consultant does

How To Become a Loan Consultant

If you're interested in becoming a loan consultant, one of the first things to consider is how much education you need. We've determined that 62.1% of loan consultants have a bachelor's degree. In terms of higher education levels, we found that 6.5% of loan consultants have master's degrees. Even though most loan consultants have a college degree, it's possible to become one with only a high school degree or GED.

Learn More About How To Become a Loan Consultant

Loan Consultant Career Paths

Average Salary for a Loan Consultant

Loan Consultants in America make an average salary of $38,876 per year or $19 per hour. The top 10 percent makes over $54,000 per year, while the bottom 10 percent under $27,000 per year.
Average Loan Consultant Salary
$38,876 Yearly
$18.69 hourly

What Am I Worth?

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Roles and Types of Loan Consultant

The role of a loan consultant includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general loan consultant responsibilities:

  • Internal home loan consultant supports the loan officer with his/her personal production. Additionally, ihlc may provide service to a smaller, personal book of customers
  • Inputs all borrower information into the 1003 (los) reviews
  • Assists customers in the selection of loan product

There are several types of loan consultant, including:

Consultant

Role:

Consultants are essential to businesses that want to improve their performance. Typically, consultants advise these businesses in many areas such as operations, profitability, management, and even structure.

Consultants have their work cut out for them because their advice can stretch over so many different areas. You may need some expertise in management, strategy, human resources, finance, and IT (just to name a few fields).

In addition to having all of this knowledge, consultants typically work long hours, we're talking an average of 56 hours a week, but many work even beyond that, to around 70-80 hours. Spending that many hours at the office, you'll probably end up with some good friends, at least.

  • Average Salary: $78,912
  • Degree: Bachelor's Degree

Loan Officer

Role:

If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.

While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!

  • Average Salary: $45,817
  • Degree: Bachelor's Degree

Loan Processor

Role:

Loan processors are the ones who decide if a client is fit for a loan or not. They link customers and financial institutions and facilitate the evaluation of clients' assets and repayment capacities and the approval or decline of their loan requests.

Loan processors work hand in hand with mortgage brokers and loan officers. They manage the paperwork of the candidate and help to submit the documents.

The median yearly salary of a loan processor is $49,352, which is an amount that probably does not accurately reflect the level of stress they have to deal with every day. Keeping up with new regulations, pressing closing dates, constant status update requests are just a few of the things that make this profession challenging.

  • Average Salary: $38,122
  • Degree: Bachelor's Degree

States With The Most Loan Consultant Jobs

Mouse over a state to see the number of active loan consultant jobs in each state. The darker areas on the map show where loan consultants earn the highest salaries across all 50 states.

Average Salary: Job Openings:

Number Of Loan Consultant Jobs By State

RankStateNumber of JobsAverage Salary
1California1,435$41,983
2Florida953$40,721
3Texas906$35,338
4Alabama657$31,341
5Illinois597$36,698
6Pennsylvania501$42,965
7New York487$48,212
8Minnesota480$45,774
9Ohio471$38,694
10North Carolina444$41,878
11Oklahoma443$39,105
12New Jersey434$45,926
13Georgia415$35,934
14Arizona410$34,028
15Michigan358$40,213
16Massachusetts341$39,689
17Virginia338$36,106
18Mississippi332$30,290
19Missouri321$38,502
20Colorado318$40,956
21Washington315$44,353
22Indiana256$33,263
23Maryland246$45,537
24Tennessee216$34,766
25Wisconsin214$37,224
26South Dakota181$50,978
27Oregon178$40,235
28South Carolina167$40,934
29Utah167$32,938
30Iowa147$40,472
31Kentucky145$38,622
32Kansas134$39,158
33Connecticut126$40,865
34Nevada100$31,654
35Arkansas94$48,155
36Idaho89$35,771
37Louisiana88$34,932
38Nebraska79$41,266
39Montana66$44,357
40Rhode Island66$44,071
41Delaware64$33,057
42New Hampshire60$40,347
43Maine57$47,809
44New Mexico48$48,612
45North Dakota46$42,829
46Hawaii43$45,104
47West Virginia40$38,765
48Wyoming37$44,926
49Vermont37$44,081
50Alaska35$35,529

Loan Consultant Education

Loan Consultant Majors

36.7 %
10.9 %

Loan Consultant Degrees

Bachelors

62.1 %

Associate

17.2 %

High School Diploma

9.0 %

Top Colleges for Loan Consultants

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition

$55,584

Enrollment

10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition

$54,568

Enrollment

8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition

$56,225

Enrollment

19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition

$9,808

Enrollment

13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition

$53,308

Enrollment

6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition

$7,488

Enrollment

30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition

$49,880

Enrollment

4,177

8. Boston University

Boston, MA • Private

In-State Tuition

$53,948

Enrollment

17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition

$9,625

Enrollment

17,407

10. New York University

New York, NY • Private

In-State Tuition

$51,828

Enrollment

26,339

Top Skills For a Loan Consultant

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 20.7% of loan consultants listed loan applications on their resume, but soft skills such as detail oriented and initiative are important as well.

  • Loan Applications, 20.7%
  • Origination, 10.8%
  • Customer Service, 8.9%
  • Financial Services, 6.4%
  • Inbound Calls, 5.3%
  • Other Skills, 47.9%

Choose From 10+ Customizable Loan Consultant Resume templates

Zippia allows you to choose from different easy-to-use Loan Consultant templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Consultant resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Loan Consultant diversity

Loan Consultant Gender Distribution

Male
Male
57%
Female
Female
43%

After extensive research and analysis, Zippia's data science team found that:

  • Among loan consultants, 42.8% of them are women, while 57.2% are men.

  • The most common race/ethnicity among loan consultants is White, which makes up 63.3% of all loan consultants.

  • The most common foreign language among loan consultants is Spanish at 65.4%.

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Best States For a Loan Consultant

Some places are better than others when it comes to starting a career as a loan consultant. The best states for people in this position are South Dakota, New Mexico, New York, and Arkansas. Loan consultants make the most in South Dakota with an average salary of $50,978. Whereas in New Mexico and New York, they would average $48,612 and $48,212, respectively. While loan consultants would only make an average of $48,155 in Arkansas, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. South Dakota

Total Loan Consultant Jobs: 181
Highest 10% Earn:
$66,000
Location Quotient:
3.39

2. Minnesota

Total Loan Consultant Jobs: 480
Highest 10% Earn:
$59,000
Location Quotient:
1.45

3. Wyoming

Total Loan Consultant Jobs: 37
Highest 10% Earn:
$59,000
Location Quotient:
1.24
Full List Of Best States For Loan Consultants

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Top Loan Consultant Employers

Most Common Employers For Loan Consultant

RankCompanyAverage SalaryHourly RateJob Openings
1Accion$48,365$23.258
2Navient$46,584$22.4012
3PHH Corporation$43,771$21.049
4Resurgent$41,145$19.7818
5Robert Half$39,024$18.769
6Caliber Home Loans$38,778$18.6414
7AUTOPAY Direct, Inc.$38,551$18.538
8Citi$37,689$18.1221
9JPMorgan Chase & Co.$36,319$17.4630
10First Horizon Bank$35,746$17.1911

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