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The differences between loan officers assistant and loan 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 officer assistant and a loan consultant. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Officer Assistant | Loan Consultant | |
| Yearly salary | $45,681 | $38,876 |
| Hourly rate | $21.96 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,094 | 23,448 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Loan officers assistant and loan consultants have different pay scales, as shown below.
| Loan Officer Assistant | Loan Consultant | |
| Average salary | $45,681 | $38,876 |
| Salary range | Between $28,000 And $72,000 | 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 | Stifel Financial | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a loan consultant in terms of educational background:
| Loan Officer Assistant | Loan Consultant | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan consultants' demographics:
| Loan Officer Assistant | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% 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% |