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The differences between mortgage loan processors and mortgage consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage loan processor, becoming a mortgage consultant takes usually requires 4-6 years. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $38,934 average annual salary of a mortgage consultant.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Mortgage Loan Processor | Mortgage Consultant | |
| Yearly salary | $43,594 | $38,934 |
| Hourly rate | $20.96 | $18.72 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 67% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
A mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Mortgage loan processors and mortgage consultants have different pay scales, as shown below.
| Mortgage Loan Processor | Mortgage Consultant | |
| Average salary | $43,594 | $38,934 |
| Salary range | Between $33,000 And $57,000 | Between $23,000 And $63,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Amplify Credit Union | Centennial Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a mortgage consultant in terms of educational background:
| Mortgage Loan Processor | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and mortgage consultants' demographics:
| Mortgage Loan Processor | Mortgage Consultant | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 58.2% Female, 41.8% |
| Race ratio | Black or African American, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |