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The differences between loan managers and mortgage consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan manager and a mortgage consultant. Additionally, a loan manager has an average salary of $39,623, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Manager | Mortgage Consultant | |
| Yearly salary | $39,623 | $38,934 |
| Hourly rate | $19.05 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
A mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Loan managers and mortgage consultants have different pay scales, as shown below.
| Loan Manager | Mortgage Consultant | |
| Average salary | $39,623 | $38,934 |
| Salary range | Between $27,000 And $58,000 | Between $23,000 And $63,000 |
| Highest paying City | Jersey City, NJ | New York, NY |
| Highest paying state | New Jersey | New York |
| Best paying company | Pacific Investment Management Company LLC | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and a mortgage consultant in terms of educational background:
| Loan Manager | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and mortgage consultants' demographics:
| Loan Manager | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 58.2% Female, 41.8% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |