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The differences between senior loan officers 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 senior loan officer and a mortgage consultant. Additionally, a mortgage consultant has an average salary of $38,934, 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 mortgage consultant are customer service, origination, and NMLS.
| Senior Loan Officer | Mortgage Consultant | |
| Yearly salary | $37,162 | $38,934 |
| Hourly rate | $17.87 | $18.72 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 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 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 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.
Senior loan officers and mortgage consultants have different pay scales, as shown below.
| Senior Loan Officer | Mortgage Consultant | |
| Average salary | $37,162 | $38,934 |
| Salary range | Between $29,000 And $46,000 | Between $23,000 And $63,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Salal Credit Union | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a mortgage consultant in terms of educational background:
| Senior Loan Officer | 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 senior loan officers' and mortgage consultants' demographics:
| Senior Loan Officer | Mortgage Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 58.2% Female, 41.8% |
| 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, 9.3% 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% |