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The differences between mortgage originators and mortgage 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 originator and a mortgage consultant. Additionally, a mortgage consultant has an average salary of $38,934, which is higher than the $31,380 average annual salary of a mortgage originator.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Mortgage Originator | Mortgage Consultant | |
| Yearly salary | $31,380 | $38,934 |
| Hourly rate | $15.09 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,164 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Mortgage Originator is someone who will work with a borrower to process and complete a home loan application. They work closely with loan processors and underwriters to collect the required documentation until it is approved. Mortgage Origniators are responsible for guiding clients through the approval stage by assisting them with the paperwork, determining the loan amount, and taking and verifying documentation. They guide borrowers in deciding which mortgage type is right for them.
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 originators and mortgage consultants have different pay scales, as shown below.
| Mortgage Originator | Mortgage Consultant | |
| Average salary | $31,380 | $38,934 |
| Salary range | Between $16,000 And $57,000 | Between $23,000 And $63,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Centennial Bank |
| Best paying industry | - | Finance |
There are a few differences between a mortgage originator and a mortgage consultant in terms of educational background:
| Mortgage Originator | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and mortgage consultants' demographics:
| Mortgage Originator | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 58.2% Female, 41.8% |
| Race ratio | Black or African American, 10.0% Unknown, 4.7% Hispanic or Latino, 15.2% Asian, 6.1% White, 63.5% American Indian and Alaska Native, 0.5% | 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 | 8% | 8% |