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The differences between loan consultants and mortgage loan specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan consultant, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Consultant | Mortgage Loan Specialist | |
| Yearly salary | $38,876 | $41,186 |
| Hourly rate | $18.69 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 23,448 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Loan consultants and mortgage loan specialists have different pay scales, as shown below.
| Loan Consultant | Mortgage Loan Specialist | |
| Average salary | $38,876 | $41,186 |
| Salary range | Between $27,000 And $54,000 | Between $27,000 And $62,000 |
| Highest paying City | Sioux Falls, SD | Uniondale, NY |
| Highest paying state | South Dakota | West Virginia |
| Best paying company | Accion | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan consultant and a mortgage loan specialist in terms of educational background:
| Loan Consultant | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and mortgage loan specialists' demographics:
| Loan Consultant | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |