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The differences between mortgage brokers 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 broker and a loan consultant. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a mortgage broker include loan applications, FHA and va. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Mortgage Broker | Loan Consultant | |
| Yearly salary | $124,376 | $38,876 |
| Hourly rate | $59.80 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 12,782 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Mortgage brokers and loan consultants have different pay scales, as shown below.
| Mortgage Broker | Loan Consultant | |
| Average salary | $124,376 | $38,876 |
| Salary range | Between $89,000 And $172,000 | 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 broker and a loan consultant in terms of educational background:
| Mortgage Broker | Loan Consultant | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage brokers' and loan consultants' demographics:
| Mortgage Broker | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 67.5% Female, 32.5% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.0% 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% |