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The differences between loan consultants and home 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 consultant and a home mortgage consultant. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $36,437 average annual salary of a home mortgage consultant.
The top three skills for a loan consultant include loan applications, origination and customer service. The most important skills for a home mortgage consultant are customer service, financial professionals, and NMLS.
| Loan Consultant | Home Mortgage Consultant | |
| Yearly salary | $38,876 | $36,437 |
| Hourly rate | $18.69 | $17.52 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 53,987 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Mortgage Consultants work to help people or businesses find the right lenders to get a mortgage from. They work with customers to find options that fit their current circumstances and financial capacity. They deal with lending institutions (banks, credit unions, mortgage bankers, or savings and loan associations) and act on behalf of potential borrowers to get the best deals. Consultants prefer working as independent contractors and not work for lending institutions and convince real estate agents to recommend them to clients when they apply for a loan.
Loan consultants and home mortgage consultants have different pay scales, as shown below.
| Loan Consultant | Home Mortgage Consultant | |
| Average salary | $38,876 | $36,437 |
| Salary range | Between $27,000 And $54,000 | Between $26,000 And $50,000 |
| Highest paying City | Sioux Falls, SD | - |
| Highest paying state | South Dakota | - |
| Best paying company | Accion | - |
| Best paying industry | Finance | - |
There are a few differences between a loan consultant and a home mortgage consultant in terms of educational background:
| Loan Consultant | Home Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and home mortgage consultants' demographics:
| Loan Consultant | Home Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 62.7% Female, 37.3% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |