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The differences between loan workout officers 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 workout officer and a mortgage consultant. Additionally, a loan workout officer has an average salary of $46,768, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a loan workout officer include financial statements, commercial loans and SBA. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Workout Officer | Mortgage Consultant | |
| Yearly salary | $46,768 | $38,934 |
| Hourly rate | $22.48 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 61,309 | 24,057 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan workout officers and mortgage consultants have different pay scales, as shown below.
| Loan Workout Officer | Mortgage Consultant | |
| Average salary | $46,768 | $38,934 |
| Salary range | Between $28,000 And $75,000 | Between $23,000 And $63,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Centennial Bank |
| Best paying industry | - | Finance |
There are a few differences between a loan workout officer and a mortgage consultant in terms of educational background:
| Loan Workout Officer | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan workout officers' and mortgage consultants' demographics:
| Loan Workout Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 72.9% Female, 27.1% | Male, 58.2% Female, 41.8% |
| 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, 9.3% 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% |