Mortgage collector vs loan counselor

The differences between mortgage collectors and loan counselors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a mortgage collector, becoming a loan counselor takes usually requires 1-2 years. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $36,748 average annual salary of a mortgage collector.

The top three skills for a mortgage collector include customer service, payment arrangements and loss mitigation. The most important skills for a loan counselor are phone calls, payment arrangements, and federal regulations.

Mortgage collector vs loan counselor overview

	Mortgage Collector	Loan Counselor
Yearly salary	$36,748	$49,002
Hourly rate	$17.67	$23.56
Growth rate	-8%	4%
Number of jobs	6,137	35,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 38%	Bachelor's Degree, 49%
Average age	46	45
Years of experience	12	2

Mortgage collector vs loan counselor salary

Mortgage collectors and loan counselors have different pay scales, as shown below.

	Mortgage Collector	Loan Counselor
Average salary	$36,748	$49,002
Salary range	Between $31,000 And $42,000	Between $37,000 And $63,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Mortgage Inv. Group
Best paying industry	-	Finance

Differences between mortgage collector and loan counselor education

There are a few differences between a mortgage collector and a loan counselor in terms of educational background:

	Mortgage Collector	Loan Counselor
Most common degree	Bachelor's Degree, 38%	Bachelor's Degree, 49%
Most common major	Business	Business
Most common college	-	Stanford University

Mortgage collector vs loan counselor demographics

Here are the differences between mortgage collectors' and loan counselors' demographics:

	Mortgage Collector	Loan Counselor
Average age	46	45
Gender ratio	Male, 38.3% Female, 61.7%	Male, 37.1% Female, 62.9%
Race ratio	Black or African American, 12.6% Unknown, 4.1% Hispanic or Latino, 22.5% Asian, 3.7% White, 56.5% 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%

Differences between mortgage collector and loan counselor duties and responsibilities

Mortgage collector example responsibilities.

Manage re-billings for third party accounts including: commercial carriers, manage care, PPO, POS and HMO organizations.
Follow rules and regulations of the FDCPA to ensure all transactions are done within the proper guidelines.
Answer any billing questions or issues regarding the account using knowledge of the FDCPA laws and light skip tracing.
Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
Prepare financial paperwork and set up ACH and credit card for recurring payments.
Resolve mortgage/car/home equities and over draft accounts.

Loan counselor example responsibilities.

Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
Experience in SBA underwriting that has produce SBA loan approval.
Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.

Mortgage collector vs loan counselor skills

Common mortgage collector skills

Customer Service, 17%
Payment Arrangements, 15%
Loss Mitigation, 8%
Foreclosure Process, 8%
FDCPA, 6%
Loan Modifications, 4%

Common loan counselor skills

Phone Calls, 14%
Payment Arrangements, 12%
Federal Regulations, 8%
Outbound Collection Calls, 6%
Inbound Calls, 6%
FDCPA, 4%