Loan workout officer vs loan consultant

The differences between loan workout officers 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 workout officer and a loan consultant. Additionally, a loan workout officer has an average salary of $46,768, which is higher than the $38,876 average annual salary of a loan consultant.

The top three skills for a loan workout officer include financial statements, commercial loans and SBA. The most important skills for a loan consultant are loan applications, origination, and customer service.

Loan workout officer vs loan consultant overview

	Loan Workout Officer	Loan Consultant
Yearly salary	$46,768	$38,876
Hourly rate	$22.48	$18.69
Growth rate	4%	4%
Number of jobs	61,309	23,448
Job satisfaction	4	-
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 62%
Average age	45	45
Years of experience	6	6

Loan workout officer vs loan consultant salary

Loan workout officers and loan consultants have different pay scales, as shown below.

	Loan Workout Officer	Loan Consultant
Average salary	$46,768	$38,876
Salary range	Between $28,000 And $75,000	Between $27,000 And $54,000
Highest paying City	-	Sioux Falls, SD
Highest paying state	-	South Dakota
Best paying company	-	Accion
Best paying industry	-	Finance

Differences between loan workout officer and loan consultant education

There are a few differences between a loan workout officer and a loan consultant in terms of educational background:

	Loan Workout Officer	Loan Consultant
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 62%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan workout officer vs loan consultant demographics

Here are the differences between loan workout officers' and loan consultants' demographics:

	Loan Workout Officer	Loan Consultant
Average age	45	45
Gender ratio	Male, 72.9% Female, 27.1%	Male, 57.2% Female, 42.8%
Race ratio	Black or African American, 8.6% Unknown, 4.7% Hispanic or Latino, 16.6% Asian, 6.5% 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%

Differences between loan workout officer and loan consultant duties and responsibilities

Loan workout officer example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Structure SBA repurchase packages with accurate liquidation and litigation financial plans.
Interact closely with the surveillance utilization and review team to audit medical record documentation in accordance with Medicaid regulations and guidelines.
Process trailing documents for initial and final GNMA certifications.

Loan consultant example responsibilities.

Manage a multifacete commercial real estate investment firm.
Facilitate the entire residential loan transaction from underwriting under regulatory compliance, processing, loan origination and marketing.
Originate conventional, FHA, VA and PHFA mortgages, while establishing and maintaining relationships with referral sources.
Consult with attorneys, VA & FHA, appraisers, and construction and lending officials for loan conveyances and loan closings.
Validate income, assets and credit/liability documentation to support origination underwriting guidelines in addition to collection of supporting documentation.
Maintain a sound knowledge of investor guidelines, DU guidelines.

Loan workout officer vs loan consultant skills

Common loan workout officer skills

Financial Statements, 18%
Commercial Loans, 9%
SBA, 9%
Loan Portfolio, 8%
Cash Flow, 7%
Litigation, 7%

Common loan consultant skills

Loan Applications, 21%
Origination, 11%
Customer Service, 9%
Financial Services, 6%
Inbound Calls, 5%
Business Development, 4%