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The differences between loan originators 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 originator and a loan consultant. Additionally, a loan originator has an average salary of $41,291, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan originator include customer service, origination and FHA. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Originator | Loan Consultant | |
| Yearly salary | $41,291 | $38,876 |
| Hourly rate | $19.85 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 10,716 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
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 originators and loan consultants have different pay scales, as shown below.
| Loan Originator | Loan Consultant | |
| Average salary | $41,291 | $38,876 |
| Salary range | Between $28,000 And $60,000 | Between $27,000 And $54,000 |
| Highest paying City | New York, NY | Sioux Falls, SD |
| Highest paying state | South Dakota | South Dakota |
| Best paying company | Centennial Bank | Accion |
| Best paying industry | Transportation | Finance |
There are a few differences between a loan originator and a loan consultant in terms of educational background:
| Loan Originator | 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 originators' and loan consultants' demographics:
| Loan Originator | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 54.0% Female, 46.0% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% 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% |