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The differences between mortgage bankers and home 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 mortgage banker and a home mortgage consultant. Additionally, a home mortgage consultant has an average salary of $36,437, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage banker include customer service, NMLS and federal regulations. The most important skills for a home mortgage consultant are customer service, financial professionals, and NMLS.
| Mortgage Banker | Home Mortgage Consultant | |
| Yearly salary | $27,331 | $36,437 |
| Hourly rate | $13.14 | $17.52 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,297 | 53,987 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Mortgage Consultants work to help people or businesses find the right lenders to get a mortgage from. They work with customers to find options that fit their current circumstances and financial capacity. They deal with lending institutions (banks, credit unions, mortgage bankers, or savings and loan associations) and act on behalf of potential borrowers to get the best deals. Consultants prefer working as independent contractors and not work for lending institutions and convince real estate agents to recommend them to clients when they apply for a loan.
Mortgage bankers and home mortgage consultants have different pay scales, as shown below.
| Mortgage Banker | Home Mortgage Consultant | |
| Average salary | $27,331 | $36,437 |
| Salary range | Between $9,000 And $78,000 | Between $26,000 And $50,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a mortgage banker and a home mortgage consultant in terms of educational background:
| Mortgage Banker | Home Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and home mortgage consultants' demographics:
| Mortgage Banker | Home Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 62.7% Female, 37.3% |
| Race ratio | Black or African American, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |