Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan officers 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 and a loan consultant. Additionally, a loan officer has an average salary of $45,817, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Officer | Loan Consultant | |
| Yearly salary | $45,817 | $38,876 |
| Hourly rate | $22.03 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 23,448 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
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 and loan consultants have different pay scales, as shown below.
| Loan Officer | Loan Consultant | |
| Average salary | $45,817 | $38,876 |
| Salary range | Between $30,000 And $69,000 | 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 | Bangor Savings Bank | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a loan consultant in terms of educational background:
| Loan Officer | Loan Consultant | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and loan consultants' demographics:
| Loan Officer | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% 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% |