Loan counselor vs loan consultant

The differences between loan counselors and loan consultants 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 consultant takes usually requires 4-6 years. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $38,876 average annual salary of a loan consultant.

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

Loan counselor vs loan consultant overview

	Loan Counselor	Loan Consultant
Yearly salary	$49,002	$38,876
Hourly rate	$23.56	$18.69
Growth rate	4%	4%
Number of jobs	35,925	23,448
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 62%
Average age	45	45
Years of experience	2	6

Loan counselor vs loan consultant salary

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

	Loan Counselor	Loan Consultant
Average salary	$49,002	$38,876
Salary range	Between $37,000 And $63,000	Between $27,000 And $54,000
Highest paying City	New York, NY	Sioux Falls, SD
Highest paying state	New York	South Dakota
Best paying company	Mortgage Inv. Group	Accion
Best paying industry	Finance	Finance

Differences between loan counselor and loan consultant education

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

	Loan Counselor	Loan Consultant
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 62%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Loan counselor vs loan consultant demographics

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

	Loan Counselor	Loan Consultant
Average age	45	45
Gender ratio	Male, 37.1% Female, 62.9%	Male, 57.2% Female, 42.8%
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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan counselor and loan consultant 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 consultant example 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.
Validate income, assets and credit/liability documentation to support origination underwriting guidelines in addition to collection of supporting documentation.
Maintain a sound knowledge of investor guidelines, DU guidelines.

Loan counselor vs loan consultant 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 consultant skills

Loan Applications, 21%
Origination, 11%
Customer Service, 9%
Financial Services, 6%
Inbound Calls, 5%
Business Development, 4%