Mortgage loan counselor vs loan officer

The differences between mortgage loan counselors and loan officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage loan counselor, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $45,635 average annual salary of a mortgage loan counselor.

The top three skills for a mortgage loan counselor include customer service, FHA and loan process. The most important skills for a loan officer are customer service, origination, and loan origination.

Mortgage loan counselor vs loan officer overview

	Mortgage Loan Counselor	Loan Officer
Yearly salary	$45,635	$45,817
Hourly rate	$21.94	$22.03
Growth rate	-3%	4%
Number of jobs	38,488	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 54%	Bachelor's Degree, 61%
Average age	45	45
Years of experience	2	6

Mortgage loan counselor vs loan officer salary

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

	Mortgage Loan Counselor	Loan Officer
Average salary	$45,635	$45,817
Salary range	Between $35,000 And $57,000	Between $30,000 And $69,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Bangor Savings Bank
Best paying industry	-	Finance

Differences between mortgage loan counselor and loan officer education

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

	Mortgage Loan Counselor	Loan Officer
Most common degree	Bachelor's Degree, 54%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Mortgage loan counselor vs loan officer demographics

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

	Mortgage Loan Counselor	Loan Officer
Average age	45	45
Gender ratio	Male, 39.6% Female, 60.4%	Male, 55.3% Female, 44.7%
Race ratio	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%	Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between mortgage loan counselor and loan officer duties and responsibilities

Mortgage loan counselor example responsibilities.

Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
Help customers to bring their accounts current through negotiation and listening skills and programs that are available through Drivetime for assistance.

Loan officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Mortgage loan counselor vs loan officer skills

Common mortgage loan counselor skills

Customer Service, 19%
FHA, 11%
Loan Process, 9%
Outbound Calls, 9%
Payment Arrangements, 8%
Loan Modifications, 4%

Common loan officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%