Loan counselor vs loan adviser

The differences between loan counselors and loan advisers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a loan counselor, becoming a loan adviser takes usually requires 4-6 years. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $40,365 average annual salary of a loan adviser.

The top three skills for a loan counselor include phone calls, payment arrangements and federal regulations. The most important skills for a loan adviser are customer service, origination, and mortgage loans.

Loan counselor vs loan adviser overview

	Loan Counselor	Loan Adviser
Yearly salary	$49,002	$40,365
Hourly rate	$23.56	$19.41
Growth rate	4%	4%
Number of jobs	35,925	24,189
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 52%
Average age	45	45
Years of experience	2	6

Loan counselor vs loan adviser salary

Loan counselors and loan advisers have different pay scales, as shown below.

	Loan Counselor	Loan Adviser
Average salary	$49,002	$40,365
Salary range	Between $37,000 And $63,000	Between $28,000 And $56,000
Highest paying City	New York, NY	-
Highest paying state	New York	-
Best paying company	Mortgage Inv. Group	-
Best paying industry	Finance	-

Differences between loan counselor and loan adviser education

There are a few differences between a loan counselor and a loan adviser in terms of educational background:

	Loan Counselor	Loan Adviser
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 52%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Loan counselor vs loan adviser demographics

Here are the differences between loan counselors' and loan advisers' demographics:

	Loan Counselor	Loan Adviser
Average age	45	45
Gender ratio	Male, 37.1% Female, 62.9%	Male, 47.7% Female, 52.3%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan counselor and loan adviser duties and responsibilities

Loan counselor example responsibilities.

Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
Experience in SBA underwriting that has produce SBA loan approval.
Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.

Loan adviser example responsibilities.

Manage a multifacete commercial real estate investment firm.
Follow the FDCPA, FCRA and TCPA guidelines and is a license collector.
Assist future homeowners obtain financing through FHA, VA, USDA, or conventional financing.
Handle all calls with due care to ensure proper adherence to FDCPA rules and regulations.
Determine financing options for clients, and advise them on a variety of FHA, conventional, and sub-prime mortgages.
Communicate to a small team basic loan restructuring possibilities to assist customers in resolving delinquency and avoiding foreclosure.

Loan counselor vs loan adviser skills

Common loan counselor skills

Phone Calls, 14%
Payment Arrangements, 12%
Federal Regulations, 8%
Outbound Collection Calls, 6%
Inbound Calls, 6%
FDCPA, 4%

Common loan adviser skills

Customer Service, 44%
Origination, 14%
Mortgage Loans, 7%
Loan Process, 5%
Automated Underwriting, 4%
NMLS, 4%