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The differences between loan officers/loan processor 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/loan processor and a loan consultant. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Officer/Loan Processor | Loan Consultant | |
| Yearly salary | $46,753 | $38,876 |
| Hourly rate | $22.48 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
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/loan processor and loan consultants have different pay scales, as shown below.
| Loan Officer/Loan Processor | Loan Consultant | |
| Average salary | $46,753 | $38,876 |
| Salary range | Between $28,000 And $76,000 | Between $27,000 And $54,000 |
| Highest paying City | Columbia, MD | Sioux Falls, SD |
| Highest paying state | New Jersey | South Dakota |
| Best paying company | Xerox | Accion |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a loan consultant in terms of educational background:
| Loan Officer/Loan Processor | Loan Consultant | |
| Most common degree | Bachelor's Degree, 50% | 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/loan processor' and loan consultants' demographics:
| Loan Officer/Loan Processor | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.5% White, 62.9% 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% |