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The differences between loan processors and loan consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan processor, becoming a loan consultant takes usually requires 4-6 years. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Processor | Loan Consultant | |
| Yearly salary | $38,122 | $38,876 |
| Hourly rate | $18.33 | $18.69 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,228 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 62% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
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 processors and loan consultants have different pay scales, as shown below.
| Loan Processor | Loan Consultant | |
| Average salary | $38,122 | $38,876 |
| Salary range | Between $28,000 And $50,000 | Between $27,000 And $54,000 |
| Highest paying City | San Francisco, CA | Sioux Falls, SD |
| Highest paying state | West Virginia | South Dakota |
| Best paying company | Stanford University | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan processor and a loan consultant in terms of educational background:
| Loan Processor | Loan Consultant | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and loan consultants' demographics:
| Loan Processor | Loan Consultant | |
| Average age | 42 | 45 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |