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The differences between loan officers 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 officer and a mortgage consultant. Additionally, a loan officer has an average salary of $45,817, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Officer | Mortgage Consultant | |
| Yearly salary | $45,817 | $38,934 |
| Hourly rate | $22.03 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 24,057 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 67% |
| 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 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 officers and mortgage consultants have different pay scales, as shown below.
| Loan Officer | Mortgage Consultant | |
| Average salary | $45,817 | $38,934 |
| Salary range | Between $30,000 And $69,000 | Between $23,000 And $63,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Bangor Savings Bank | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a mortgage consultant in terms of educational background:
| Loan Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and mortgage consultants' demographics:
| Loan Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 58.2% Female, 41.8% |
| 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, 9.3% 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% |