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The differences between loan officers/loan processor 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/loan processor and a mortgage consultant. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Officer/Loan Processor | Mortgage Consultant | |
| Yearly salary | $46,753 | $38,934 |
| Hourly rate | $22.48 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 67% |
| 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 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/loan processor and mortgage consultants have different pay scales, as shown below.
| Loan Officer/Loan Processor | Mortgage Consultant | |
| Average salary | $46,753 | $38,934 |
| Salary range | Between $28,000 And $76,000 | Between $23,000 And $63,000 |
| Highest paying City | Columbia, MD | New York, NY |
| Highest paying state | New Jersey | New York |
| Best paying company | Xerox | Centennial Bank |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a mortgage consultant in terms of educational background:
| Loan Officer/Loan Processor | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 50% | 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/loan processor' and mortgage consultants' demographics:
| Loan Officer/Loan Processor | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 58.2% Female, 41.8% |
| 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, 9.3% 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% |