Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage bankers 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 mortgage banker and a loan consultant. Additionally, a loan consultant has an average salary of $38,876, 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 loan consultant are loan applications, origination, and customer service.
| Mortgage Banker | Loan Consultant | |
| Yearly salary | $27,331 | $38,876 |
| Hourly rate | $13.14 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,297 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 62% |
| 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.
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.
Mortgage bankers and loan consultants have different pay scales, as shown below.
| Mortgage Banker | Loan Consultant | |
| Average salary | $27,331 | $38,876 |
| Salary range | Between $9,000 And $78,000 | 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 |
There are a few differences between a mortgage banker and a loan consultant in terms of educational background:
| Mortgage Banker | Loan Consultant | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and loan consultants' demographics:
| Mortgage Banker | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 57.2% Female, 42.8% |
| 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, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |