Loan counselor vs loan manager

The differences between loan counselors and loan managers 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 manager takes usually requires 4-6 years. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $39,623 average annual salary of a loan manager.

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

Loan counselor vs loan manager overview

	Loan Counselor	Loan Manager
Yearly salary	$49,002	$39,623
Hourly rate	$23.56	$19.05
Growth rate	4%	4%
Number of jobs	35,925	11,965
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 59%
Average age	45	45
Years of experience	2	6

Loan counselor vs loan manager salary

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

	Loan Counselor	Loan Manager
Average salary	$49,002	$39,623
Salary range	Between $37,000 And $63,000	Between $27,000 And $58,000
Highest paying City	New York, NY	Jersey City, NJ
Highest paying state	New York	New Jersey
Best paying company	Mortgage Inv. Group	Pacific Investment Management Company LLC
Best paying industry	Finance	Finance

Differences between loan counselor and loan manager education

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

	Loan Counselor	Loan Manager
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 59%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Loan counselor vs loan manager demographics

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

	Loan Counselor	Loan Manager
Average age	45	45
Gender ratio	Male, 37.1% Female, 62.9%	Male, 46.5% Female, 53.5%
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, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan counselor and loan manager 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 manager example responsibilities.

Reduce downtime by completing reports on ATM and repairs and managing service calls.
Manage loan origination underwriting and funding teams for dealer and consumer financial products and services.
Ensure all loan origination procedures are followed according to bank and federal guidelines.
Back up to member services, ATM and vault teller when need.
Front end manual and AUS underwriting of FHA purchase, new construction and refinance transactions.
Include supervising a staff of five in submitting VA and FHA loans for guaranty and insuring.

Loan counselor vs loan manager 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 manager skills

Loan Applications, 20%
Customer Service, 9%
Real Estate, 9%
Loan Portfolio, 5%
Origination, 5%
Corporate Financial Statements, 4%