How to hire a loan consultant

How to hire a loan consultant, step by step

Here's a step-by-step loan consultant hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loan consultant job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loan consultant
• Step 8: Go through the hiring process checklist

What does a loan consultant do?

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1. Identify your hiring needs

   Before you start hiring a loan consultant, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   A loan consultant's background is also an important factor in determining whether they'll be a good fit for the position. For example, loan consultants from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.

   This list shows salaries for various types of loan consultants.

   Type of Loan Consultant	Description	Hourly rate
   Loan Consultant	Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.	$12-25
   Mortgage Banker	A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.	$4-37
   Commercial Loan Officer	Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures... Show more	$24-48

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Loan Applications
   • Origination
   • Customer Service
   • Financial Services
   • Inbound Calls
   • Business Development
   • Bank Secrecy Act
   • Loan Products
   • Loan Origination
   • Customer Relationships
   • Loan Process
   • Outbound Calls
   • FHA
   • Financial Products

   Check all skills

   Responsibilities:

   • Manage a multifacete commercial real estate investment firm.
   • Facilitate the entire residential loan transaction from underwriting under regulatory compliance, processing, loan origination and marketing.
   • Originate conventional, FHA, VA and PHFA mortgages, while establishing and maintaining relationships with referral sources.
   • Consult with attorneys, VA & FHA, appraisers, and construction and lending officials for loan conveyances and loan closings.
   • Validate income, assets and credit/liability documentation to support origination underwriting guidelines in addition to collection of supporting documentation.
   • Maintain a sound knowledge of investor guidelines, DU guidelines.

   More loan consultant duties

3. Make a budget

   Including a salary range in your loan consultant job description helps attract top candidates to the position. A loan consultant salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.

   For example, the average salary for a loan consultant in Indiana may be lower than in South Dakota, and an entry-level loan consultant usually earns less than a senior-level loan consultant. Additionally, a loan consultant with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.

   Average loan consultant salary

   $38,876yearly

   $18.69 hourly rate

   ---

   Entry-level loan consultant salary

   $27,000 yearly salary

   Updated December 31, 2025

   Average loan consultant salary by state

   Rank	State	Avg. salary	Hourly rate
   1	South Dakota	$50,912	$24
   2	New York	$48,281	$23
   3	Minnesota	$45,755	$22
   4	Maryland	$45,608	$22
   5	Washington	$44,383	$21
   6	California	$43,080	$21
   7	District of Columbia	$42,054	$20
   8	Colorado	$41,032	$20
   9	Connecticut	$40,933	$20
   10	Florida	$40,907	$20
   11	South Carolina	$40,862	$20
   12	Michigan	$40,178	$19
   13	Massachusetts	$39,707	$19
   14	Virginia	$36,813	$18
   15	Illinois	$36,801	$18
   16	Georgia	$36,004	$17
   17	Texas	$35,381	$17
   18	Tennessee	$34,687	$17
   19	Arizona	$34,162	$16

   Average loan consultant salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Accion	$48,365	$23.25
   2	Taylor Morrison	$43,073	$20.71	1
   3	Tower Federal Credit Union	$43,072	$20.71
   4	Divvy	$41,944	$20.17
   5	Milo	$41,887	$20.14	3
   6	OE Federal Credit Union	$41,887	$20.14	1
   7	CircleSquare	$41,887	$20.14
   8	Divvy Homes	$41,873	$20.13
   9	Sikorsky Credit Union	$41,439	$19.92
   10	Feldman	$39,870	$19.17
   11	Randstad North America, Inc.	$39,241	$18.87	8
   12	Lendmark Financial	$39,150	$18.82
   13	Robert Half	$39,024	$18.76	13
   14	New American Funding	$38,281	$18.40	102
   15	loanDepot	$38,278	$18.40	26
   16	Justice Federal Credit Union	$37,429	$17.99
   17	Mid Minnesota Federal Credit Union	$36,816	$17.70
   18	Patelco Credit Union	$34,899	$16.78	2
   19	Wells Fargo	$34,082	$16.39	54
   20	Staffing.com	$33,970	$16.33

4. Writing a loan consultant job description

   A loan consultant job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a loan consultant job description:

   Loan consultant job description example

   At Lendmark Financial Services, we believe the success of our company is specifically attributable to the quality of our employees and their commitment to our customers. We value each customer and understand that people want to do business with people who care. That's one way we differ from our competitors. We are proud of what we as a team have accomplished. We will always strive for improvement, our motto since day one has been "Success is the only option."
   
   Lendmark Financial Services offers a comprehensive benefits package for employees and dependents that includes medical, dental, vision benefits, paid time off, paid holidays, 401(k), life insurance, long-term disability, tuition assistance and an employee assistance program. We also offer optional benefits such as critical care, auto, home and pet insurance as well as other ancillary insurance options.
   
   The role of Loan Consultant II is to provide exceptional customer experience while providing personal loan solutions. This position focuses on building a customer base through sales, loan extension and merchant referrals. Role success will be based on creation of customer experience, generation of business, compliance, attainment of monthly goals, and accuracy.
   MAJOR DUTIES / RESPONSIBILITIES
   
   * Greet, assist and solicit individuals entering the office and calling by phone; receive and process credit and employment verifications, and record information obtained.
   * Process payments, distributions, and make recommendations regarding loan approvals.
   * Approve loans up to established lending limits and complete loan closings.
   * Handle account activities related to collection accounts, including phone calls and face to face communications with customers.
   * Prepare reports, correspondences, transaction documentation, and record and file documentation; operate cash drawer, process bank deposits, maintain records and balances and closing of the branch.
   * Actively market all branch products and services to individuals.
   * Perform all other duties as assigned by management.
   
   BASIC REQUIREMENTS:
   
   * High School Diploma or GED from accredited institution
   * 2-4 plus years consumer finance or related experience
   * Cash handling; computer skills; customer service skills
   * Ability to work with minimum supervision
   * Excellent communication skills
   * Proficient working knowledge of Microsoft Windows, Excel and Word Applications
   
   PREFERRED/DESIRED QUALIFICATIONS:
   
   * Associates or Bachelor's Degree
   * Bilingual, Spanish/English
   
   WORK ENVIRONMENT:
   
   Office Environment
   
   If you are interested in a fast paced, high growth, team oriented and great culture environment, you'll enjoy a career with us!

   Copy this example

   

5. Post your job

   There are various strategies that you can use to find the right loan consultant for your business:

   • Consider promoting from within or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to find candidates who meet your education requirements.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to reach potential job candidates.

   Post your job online:

   • Post your loan consultant job on Zippia to find and attract quality loan consultant candidates.
   • Use niche websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   Recruiting loan consultants requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

   You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loan consultant

   Once you've found the loan consultant candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   After that, you can create an onboarding schedule for a new loan consultant. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a loan consultant?