How To Become A Loan Consultant: What It Is and Career Path

What is a loan consultant and how to become one

Updated January 8, 2025

3 min read

If you're interested in helping people fund the house, car, or lifestyle of their dreams, you can give them support as a Loan Consultant. You'll be the guiding force to provide them with the information and help they need to become eligible for a loan.

Communication, finance, and problem-solving skills will help you navigate through being a Loan Consultant. You'll be responsible for reviewing loan applications, speaking with potential clients, verifying documentation, and evaluating financial records. Loan Consultants are also there to provide guidance and answer any questions a client may have over the status, requirements, and details of their loan.

Most companies prefer a Loan Consultant to have a bachelor's degree in business, finance, or a related field. You'll need to have great math skills, as well as thick skin if you need to deliver poor news. This is a position that is at the heart of positive and negative reactions. While this is typically a full-time position, some companies accept part-time employees. On average, a Loan Consultant makes about $41,000 a year.

ScoreLoan ConsultantUS Average

Salary

3.0

Avg. Salary $38,876

Avg. Salary $59,228

Stability level

7.3

Growth rate 4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.48%

Asian 6.39%

Black or African American 9.19%

Hispanic or Latino 15.96%

Unknown 4.64%

White 63.35%

Gender

female 42.81%

male 57.19%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress level

7.3

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

Key steps to become a loan consultant

Explore loan consultant education requirements

Most common loan consultant degrees

Bachelor's

62.1 %

Associate

17.2 %

High School Diploma

9.0 %

Start to develop specific loan consultant skills

Skills	Percentages
Loan Applications	20.70%
Origination	10.81%
Customer Service	8.93%
Financial Services	6.38%
Inbound Calls	5.33%

Complete relevant loan consultant training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan consultants learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan consultant based on U.S. Bureau of Labor Statistics data and data from real loan consultant resumes.

Research loan consultant duties and 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.

Prepare your loan consultant resume

When your background is strong enough, you can start writing your loan consultant resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan consultant resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable loan consultant resume templates

Build a professional loan consultant resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan consultant resume.