Loan consultant vs loan broker

The differences between loan consultants and loan brokers 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 broker. Additionally, a loan broker has an average salary of $119,784, 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 broker are financial statements, customer service, and loan applications.

Loan consultant vs loan broker overview

	Loan Consultant	Loan Broker
Yearly salary	$38,876	$119,784
Hourly rate	$18.69	$57.59
Growth rate	4%	4%
Number of jobs	23,448	15,508
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 62%	Bachelor's Degree, 59%
Average age	45	45
Years of experience	6	6

Loan consultant vs loan broker salary

Loan consultants and loan brokers have different pay scales, as shown below.

	Loan Consultant	Loan Broker
Average salary	$38,876	$119,784
Salary range	Between $27,000 And $54,000	Between $81,000 And $175,000
Highest paying City	Sioux Falls, SD	-
Highest paying state	South Dakota	-
Best paying company	Accion	-
Best paying industry	Finance	-

Differences between loan consultant and loan broker education

There are a few differences between a loan consultant and a loan broker in terms of educational background:

	Loan Consultant	Loan Broker
Most common degree	Bachelor's Degree, 62%	Bachelor's Degree, 59%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan consultant vs loan broker demographics

Here are the differences between loan consultants' and loan brokers' demographics:

	Loan Consultant	Loan Broker
Average age	45	45
Gender ratio	Male, 57.2% Female, 42.8%	Male, 58.8% Female, 41.2%
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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.2% White, 63.8% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan consultant and loan broker duties and responsibilities

Loan consultant example 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.

Loan broker example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Prepare loan packages for submittal to SBA.
Quoted rates for various scenarios, and lock FHA and VA loans.
Engage in full spectrum of commercial lending SBA, conventional and non-conventional.
Originate full line of mortgage products including conforming, non-conforming, FHA and VA.
Interview prospective lenders to for additional services; significantly expand company lender sources in both purchase and refinance markets.

Loan consultant vs loan broker skills

Common loan consultant skills

Loan Applications, 21%
Origination, 11%
Customer Service, 9%
Financial Services, 6%
Inbound Calls, 5%
Business Development, 4%

Common loan broker skills

Financial Statements, 22%
Customer Service, 22%
Loan Applications, 10%
Commercial Loans, 8%
Loan Process, 7%
FHA, 7%