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The differences between senior loan officers 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 senior loan officer and a loan consultant. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a senior loan officer include customer service, loan applications and origination. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Senior Loan Officer | Loan Consultant | |
| Yearly salary | $37,162 | $38,876 |
| Hourly rate | $17.87 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 62% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Senior loan officers and loan consultants have different pay scales, as shown below.
| Senior Loan Officer | Loan Consultant | |
| Average salary | $37,162 | $38,876 |
| Salary range | Between $29,000 And $46,000 | Between $27,000 And $54,000 |
| Highest paying City | Miami, FL | Sioux Falls, SD |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | Salal Credit Union | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a loan consultant in terms of educational background:
| Senior Loan Officer | Loan Consultant | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and loan consultants' demographics:
| Senior Loan Officer | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 57.2% Female, 42.8% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% 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% |