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The differences between loan consultants and senior loan processors 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 senior loan processor. Additionally, a senior loan processor has an average salary of $50,297, 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 senior loan processor are customer service, FHA, and va.
| Loan Consultant | Senior Loan Processor | |
| Yearly salary | $38,876 | $50,297 |
| Hourly rate | $18.69 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 50% |
| 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 senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Loan consultants and senior loan processors have different pay scales, as shown below.
| Loan Consultant | Senior Loan Processor | |
| Average salary | $38,876 | $50,297 |
| Salary range | Between $27,000 And $54,000 | Between $33,000 And $75,000 |
| Highest paying City | Sioux Falls, SD | Baltimore, MD |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Accion | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a loan consultant and a senior loan processor in terms of educational background:
| Loan Consultant | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and senior loan processors' demographics:
| Loan Consultant | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 23.0% Female, 77.0% |
| 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, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |