Loan counselor vs savings counselor

The differences between loan counselors and savings 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 savings counselor. Additionally, a savings counselor has an average salary of $53,252, which is higher than the $49,002 average annual salary of a loan counselor.

The top three skills for a loan counselor include phone calls, payment arrangements and federal regulations. The most important skills for a savings counselor are bank products, customer transactions, and budget preparation.

Loan counselor vs savings counselor overview

	Loan Counselor	Savings Counselor
Yearly salary	$49,002	$53,252
Hourly rate	$23.56	$25.60
Growth rate	4%	4%
Number of jobs	35,925	27,415
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 51%
Average age	45	45
Years of experience	2	2

Loan counselor vs savings counselor salary

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

	Loan Counselor	Savings Counselor
Average salary	$49,002	$53,252
Salary range	Between $37,000 And $63,000	Between $35,000 And $80,000
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 savings counselor education

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

	Loan Counselor	Savings Counselor
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	Stanford University	Stanford University

Loan counselor vs savings counselor demographics

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

	Loan Counselor	Savings Counselor
Average age	45	45
Gender ratio	Male, 37.1% Female, 62.9%	Male, 27.0% Female, 73.0%
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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.6% White, 63.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan counselor and savings 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.

Savings counselor example responsibilities.

Inform members on HUD/ FHA guidelines.
Prepare budgets for members who are in danger of losing their homes to foreclosure.
Advise homeowners throughout foreclosure procedures.
Remain non-denominational, open, flexible and ecumenical in service to patients while also providing additional resources from local spiritual communities.
Assist borrowers with home retention programs such as HAMP, HAUP, and HAFA and company sponsor mitigation programs.

Loan counselor vs savings 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 savings counselor skills

Bank Products, 11%
Customer Transactions, 10%
Budget Preparation, 9%
ATM, 8%
Credit Reports, 8%
Inbound Calls, 7%