Loan counselor vs mortgage counselor

The differences between loan counselors and mortgage counselors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a loan counselor and a mortgage counselor. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $36,967 average annual salary of a mortgage counselor.

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

Loan counselor vs mortgage counselor overview

	Loan Counselor	Mortgage Counselor
Yearly salary	$49,002	$36,967
Hourly rate	$23.56	$17.77
Growth rate	4%	-8%
Number of jobs	35,925	30,694
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 60%
Average age	45	45
Years of experience	2	2

Loan counselor vs mortgage counselor salary

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

	Loan Counselor	Mortgage Counselor
Average salary	$49,002	$36,967
Salary range	Between $37,000 And $63,000	Between $28,000 And $47,000
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 mortgage counselor education

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

	Loan Counselor	Mortgage Counselor
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 60%
Most common major	Business	Business
Most common college	Stanford University	Stanford University

Loan counselor vs mortgage counselor demographics

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

	Loan Counselor	Mortgage Counselor
Average age	45	45
Gender ratio	Male, 37.1% Female, 62.9%	Male, 41.3% Female, 58.7%
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, 5.9% White, 63.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan counselor and mortgage counselor 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.

Mortgage counselor example responsibilities.

Manage internal team SharePoint and document repository.
Assist customers on various savings and checking account transactions; balance ATM.
Process negotiable items balance cash vault, teller cash drawer and the automated teller machine (ATM) daily.
Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
Process retirement accounts and IRAS.
Counsele prospective customers on retirement options and open new IRAs.

Loan counselor vs mortgage counselor skills

Common loan counselor skills

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

Common mortgage counselor skills

Mortgage Loans, 12%
Customer Service, 12%
Foreclosure, 10%
Outbound Calls, 8%
FHA, 5%
Va, 5%