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The differences between loan consultants and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, 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 underwriter are customer service, portfolio, and underwriting guidelines.
| Loan Consultant | Senior Underwriter | |
| Yearly salary | $38,876 | $69,375 |
| Hourly rate | $18.69 | $33.35 |
| Growth rate | 4% | -4% |
| Number of jobs | 23,448 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 71% |
| Average age | 45 | 44 |
| Years of experience | 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 underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Loan consultants and senior underwriters have different pay scales, as shown below.
| Loan Consultant | Senior Underwriter | |
| Average salary | $38,876 | $69,375 |
| Salary range | Between $27,000 And $54,000 | Between $44,000 And $108,000 |
| Highest paying City | Sioux Falls, SD | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Accion | Capital Group |
| Best paying industry | Finance | Insurance |
There are a few differences between a loan consultant and a senior underwriter in terms of educational background:
| Loan Consultant | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and senior underwriters' demographics:
| Loan Consultant | Senior Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 42.0% Female, 58.0% |
| 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, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |