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The differences between loan consultants and loan administrators 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 loan administrator. Additionally, a loan administrator has an average salary of $42,859, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan consultant include loan applications, origination and customer service. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Loan Consultant | Loan Administrator | |
| Yearly salary | $38,876 | $42,859 |
| Hourly rate | $18.69 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan consultants and loan administrators have different pay scales, as shown below.
| Loan Consultant | Loan Administrator | |
| Average salary | $38,876 | $42,859 |
| Salary range | Between $27,000 And $54,000 | Between $31,000 And $59,000 |
| Highest paying City | Sioux Falls, SD | Seattle, WA |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Accion | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan consultant and a loan administrator in terms of educational background:
| Loan Consultant | Loan Administrator | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and loan administrators' demographics:
| Loan Consultant | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |