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The differences between loan review analysts 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 review analyst and a loan consultant. Additionally, a loan review analyst has an average salary of $42,678, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan review analyst include financial statements, loan documentation and real estate. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Review Analyst | Loan Consultant | |
| Yearly salary | $42,678 | $38,876 |
| Hourly rate | $20.52 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 26,042 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan review analyst is a person who evaluates all credit documents and information needed. They are responsible for gaining approval and maintaining compliance under the credit or loan guidelines. A loan revies analyst prepares needed loan reports with the necessary information for approval and decision making. Furthermore, they are the ones who are assessing credit structures. Often, this career is for someone who has experience in credit analysis and assessment.
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 review analysts and loan consultants have different pay scales, as shown below.
| Loan Review Analyst | Loan Consultant | |
| Average salary | $42,678 | $38,876 |
| Salary range | Between $25,000 And $72,000 | Between $27,000 And $54,000 |
| Highest paying City | Parsippany-Troy Hills, NJ | Sioux Falls, SD |
| Highest paying state | Washington | South Dakota |
| Best paying company | CFA Institute | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan review analyst and a loan consultant in terms of educational background:
| Loan Review Analyst | Loan Consultant | |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan review analysts' and loan consultants' demographics:
| Loan Review Analyst | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 37.7% Female, 62.3% | Male, 57.2% Female, 42.8% |
| Race ratio | 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% | 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% |