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Become A Loan Consultant

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Working As A Loan Consultant

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $50,000

    Average Salary

What Does A Loan Consultant Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Loan Consultant

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Loan Consultant Jobs

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Loan Consultant Career Paths

Loan Consultant
Account Executive Account Manager
Director, Inside Sales
6 Yearsyrs
Account Executive Sales Manager
Branch Sales Manager
6 Yearsyrs
Account Executive Sales Manager Account Manager
Commercial Account Manager
8 Yearsyrs
Mortgage Consultant Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Consultant Senior Loan Officer Vice President
Commercial Lending Vice President
11 Yearsyrs
Mortgage Consultant Senior Loan Officer Branch Manager
Business Development Officer
7 Yearsyrs
Underwriter Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Underwriter Team Leader Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Senior Loan Officer Branch Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Mortgage Banker Senior Account Executive Relationship Manager
Business Relationship Manager
9 Yearsyrs
Mortgage Banker Senior Loan Processor Assistant Branch Manager
Bank Manager
5 Yearsyrs
Mortgage Banker Relationship Banker Senior Teller
Banking Center Manager
5 Yearsyrs
Senior Loan Processor Senior Underwriter Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Senior Loan Processor Senior Underwriter Credit Manager
Credit And Collection Manager
7 Yearsyrs
Home Mortgage Consultant Mortgage Loan Processor Consumer Loan Underwriter
Lending Services Manager
8 Yearsyrs
Consultant Office Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Specialist Operations Specialist Solution Specialist
Business Account Manager
6 Yearsyrs
Consultant Owner Owner And Sales
Franchise Owner
7 Yearsyrs
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Do you work as a Loan Consultant?

Help others decide if this is a good career for them

Average Length of Employment
Mortgage Broker 4.0 years
Loan Broker 3.6 years
Loan Administrator 3.5 years
Loan Officer 3.1 years
Loan Originator 3.0 years
Mortgage Banker 2.4 years
Loan Consultant 2.0 years
Loan Adviser 1.6 years
Top Careers Before Loan Consultant
Loan Officer 17.2%
Cashier 5.1%
Manager 4.0%
Teller 2.5%
Top Careers After Loan Consultant
Loan Officer 13.9%
Manager 3.8%
Cashier 3.1%
Consultant 3.0%

Do you work as a Loan Consultant?

Loan Consultant Demographics

Gender

Male

50.4%

Female

40.0%

Unknown

9.6%
Ethnicity

White

56.4%

Hispanic or Latino

21.5%

Black or African American

10.2%

Asian

7.9%

Unknown

4.0%
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Foreign Languages Spoken

Spanish

65.4%

French

5.2%

Chinese

4.7%

German

3.1%

Korean

2.6%

Russian

2.6%

Portuguese

2.6%

Cantonese

2.1%

Arabic

2.1%

Mandarin

1.6%

Italian

1.6%

Vietnamese

1.0%

Carrier

1.0%

Persian

1.0%

Turkish

0.5%

Hungarian

0.5%

Ukrainian

0.5%

Armenian

0.5%

Filipino

0.5%

Tagalog

0.5%
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Loan Consultant Education

Schools

University of Phoenix

29.2%

Arizona State University

8.3%

San Diego State University

6.3%

University of North Texas

3.7%

Ashford University

3.7%

Miami Dade College

3.7%

University of California - Davis

3.7%

University of Arizona

3.7%

University of Southern California

3.4%

California State University - Northridge

3.4%

Florida State University

3.4%

California State University - Fullerton

3.2%

University of Central Florida

3.2%

Strayer University

3.2%

Kaplan University

3.2%

Greenville Technical College

3.2%

University of Florida

2.9%

San Jose State University

2.9%

Pennsylvania State University

2.9%

DePaul University

2.9%
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Majors

Business

36.4%

Finance

10.7%

Accounting

6.2%

Psychology

5.2%

Communication

4.7%

Management

4.2%

Real Estate

4.1%

Marketing

3.8%

Criminal Justice

3.1%

Economics

2.8%

Health Care Administration

2.5%

Liberal Arts

2.4%

Computer Science

2.3%

Political Science

2.1%

General Studies

1.7%

Medical Assisting Services

1.7%

English

1.6%

Education

1.6%

Nursing

1.4%

Human Resources Management

1.4%
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Degrees

Bachelors

42.8%

Other

26.2%

Masters

11.7%

Associate

11.3%

Certificate

4.3%

Diploma

2.0%

Doctorate

0.9%

License

0.9%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$50,000
View Detailed Salary Report
$30,000
Min 10%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$50,000
Median 50%
$85,000
Max 90%
Best Paying Company
SunTrust Banks
Highest Paying City
San Francisco, CA
Highest Paying State
Alaska
Avg Experience Level
2.3 years
How much does a Loan Consultant make at top companies?
The national average salary for a Loan Consultant in the United States is $50,889 per year or $24 per hour. Those in the bottom 10 percent make under $30,000 a year, and the top 10 percent make over $85,000.

Real Loan Consultant Salaries

Job Title Company Location Start Date Salary
Loan Consultant Ivy Mortgage Inc. Fulton, MD Apr 01, 2013 $72,000
Financial Loan Consultant Prime Home Loans, Inc. Duluth, GA Nov 17, 2012 $60,000
Loan Consultant Circle Square Group Inc. Columbia, MD Oct 01, 2012 $54,000
Loan Consultant Ivy Mortgage Inc. Houston, TX Jan 03, 2016 $48,000
Loan Consultant Ivy Mortgage Inc. Fairfax, VA Mar 01, 2013 $48,000
Loan Consultant Ivy Mortgage Inc. Fulton, MD Apr 01, 2013 $48,000
Loan Consultant Ivy Mortgage Inc. Gaithersburg, MD Mar 22, 2013 $48,000
Loan Consultant Ivy Mortgage Inc. Bellevue, WA Sep 21, 2013 $42,000
Loan Consultant Ivy Mortgage Inc. Fulton, MD Sep 24, 2013 $42,000
Loan Review Consultant DD&F Consulting Little Rock, AR Sep 13, 2013 $40,800
Financial Loan Consultant Prime Home Loans, Inc. Duluth, GA Nov 17, 2009 $40,000
Commercial Loan Consultant Shinhan Bank America New York, NY Sep 22, 2013 $39,957
Loan Consultant Accion USA, Inc. Boston, MA May 07, 2012 $38,000 -
$45,000
Loan Consultant Accion USA, Inc. Boston, MA Aug 16, 2012 $38,000 -
$45,000
Loan Consultant Millennium Financial Services, Inc. Charleston, SC Dec 18, 2009 $37,000
Loan Consultant Circle Square Group Inc. Columbia, MD Feb 01, 2011 $36,000
Loan Consultant Circle Square Group Inc. Columbia, MD Sep 15, 2012 $36,000
Loan Consultant Circle Square Group Inc. Columbia, MD Sep 10, 2012 $36,000
Loan Consultant Circle Square Group Inc. Columbia, MD Feb 12, 2012 $36,000
Loan Consultant Circle Square Group Inc. Columbia, MD Oct 10, 2011 $36,000

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Top Skills for A Loan Consultant

  1. Loan Applications
  2. Financial Statements
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Interview applicants and request specified information for loan applications.
  • Evaluated clients' financial statements, qualifications and credit worthiness asses loan eligibility.
  • Developed a relationship with customers to sell student loan products and services by providing exceptional customer service.
  • Participated in Real Estate professional Broker-Builder functions including Open Houses and Conventions.
  • Established strong relationships with new clients by giving honest information and answer their calls at any time.

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Top 10 Best States for Loan Consultants

  1. North Dakota
  2. Minnesota
  3. New Jersey
  4. New Hampshire
  5. Ohio
  6. New York
  7. Florida
  8. Nebraska
  9. Connecticut
  10. Kansas
  • (49 jobs)
  • (204 jobs)
  • (259 jobs)
  • (37 jobs)
  • (344 jobs)
  • (359 jobs)
  • (462 jobs)
  • (28 jobs)
  • (73 jobs)
  • (57 jobs)

Top Loan Consultant Employers

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Jobs From Top Loan Consultant Employers

Loan Consultant Videos

FHA 203k HUD Consultant - Do I need a HUD Consultant on my FHA 203k?

Successfully Transitioning to Management Consulting as a Second Career - Ivy Exec Webinar

Commercial Loan Officer, Career Video from drkit.org

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