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Senior mortgage consultant vs loan consultant

The differences between senior mortgage consultants 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 mortgage consultant and a loan consultant. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $37,351 average annual salary of a senior mortgage consultant.

The top three skills for a senior mortgage consultant include origination, bank products and customer service. The most important skills for a loan consultant are loan applications, origination, and customer service.

Senior mortgage consultant vs loan consultant overview

Senior Mortgage ConsultantLoan Consultant
Yearly salary$37,351$38,876
Hourly rate$17.96$18.69
Growth rate4%4%
Number of jobs15,96123,448
Job satisfaction--
Most common degreeBachelor's Degree, 74%Bachelor's Degree, 62%
Average age4545
Years of experience66

Senior mortgage consultant vs loan consultant salary

Senior mortgage consultants and loan consultants have different pay scales, as shown below.

Senior Mortgage ConsultantLoan Consultant
Average salary$37,351$38,876
Salary rangeBetween $23,000 And $60,000Between $27,000 And $54,000
Highest paying City-Sioux Falls, SD
Highest paying state-South Dakota
Best paying company-Accion
Best paying industry-Finance

Differences between senior mortgage consultant and loan consultant education

There are a few differences between a senior mortgage consultant and a loan consultant in terms of educational background:

Senior Mortgage ConsultantLoan Consultant
Most common degreeBachelor's Degree, 74%Bachelor's Degree, 62%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Senior mortgage consultant vs loan consultant demographics

Here are the differences between senior mortgage consultants' and loan consultants' demographics:

Senior Mortgage ConsultantLoan Consultant
Average age4545
Gender ratioMale, 71.3% Female, 28.7%Male, 57.2% Female, 42.8%
Race ratioBlack 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%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 Percentage8%8%

Differences between senior mortgage consultant and loan consultant duties and responsibilities

Senior mortgage consultant example responsibilities.

  • Manage files from origination to closing, and accurately organize and review all documents for processing.
  • Originate and process mortgage loans (FHA, VA, conforming and non-conforming loans).
  • Full accountability for loan origination, underwriting and servicing, successfully cultivating a large and intensely-loyal client base.
  • Price out loans, retrieve and submit RESPA & income documentation to the bank (s).
  • Negotiate an exclusive marketing agreement with 2 REMAX offices and a builder that generate over 1.5 million/month in FHA business.
  • Establish communication with escrow officers, processors, loan officers and underwriter regarding loan status and/or missing information.
  • Show more

Loan consultant example responsibilities.

  • Manage a multifacete commercial real estate investment firm.
  • Facilitate the entire residential loan transaction from underwriting under regulatory compliance, processing, loan origination and marketing.
  • Originate conventional, FHA, VA and PHFA mortgages, while establishing and maintaining relationships with referral sources.
  • Consult with attorneys, VA & FHA, appraisers, and construction and lending officials for loan conveyances and loan closings.
  • Validate income, assets and credit/liability documentation to support origination underwriting guidelines in addition to collection of supporting documentation.
  • Maintain a sound knowledge of investor guidelines, DU guidelines.
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Senior mortgage consultant vs loan consultant skills

Common senior mortgage consultant skills
  • Origination, 9%
  • Bank Products, 8%
  • Customer Service, 7%
  • SR, 7%
  • Product Knowledge, 7%
  • Customer Satisfaction, 6%
Common loan consultant skills
  • Loan Applications, 21%
  • Origination, 11%
  • Customer Service, 9%
  • Financial Services, 6%
  • Inbound Calls, 5%
  • Business Development, 4%

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