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The differences between 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 loan processor, becoming a mortgage consultant takes usually requires 4-6 years. Additionally, a mortgage consultant has an average salary of $38,934, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Loan Processor | Mortgage Consultant | |
| Yearly Salary | $38,122 | $38,934 |
| Hourly rate | $18.33 | $18.72 |
| Growth Rate | -3% | 4% |
| Number Of Jobs | 16,228 | 24,057 |
| Job Satisfaction | - | - |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 67% |
| Average Age | 42 | 45 |
| Years Of Experience | 4 | 6 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently 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.
Loan processors and mortgage consultants have different pay scales, as shown below.
| Loan Processor | Mortgage Consultant | |
| Average Salary | $38,122 | $38,934 |
| Salary Range | Between $28,000 And $50,000 | Between $23,000 And $63,000 |
| Highest Paying City | San Francisco, CA | New York, NY |
| Highest Paying State | West Virginia | New York |
| Best Paying Company | Stanford University | Centennial Bank |
| Best Paying Industry | Finance | Finance |
There are a few differences between a loan processor and a mortgage consultant in terms of educational background:
| Loan Processor | Mortgage Consultant | |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 67% |
| Most Common Major | Business | Business |
| Most Common College | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and mortgage consultants' demographics:
| Loan Processor | Mortgage Consultant | |
| Average Age | 42 | 45 |
| Gender Ratio | Male, 20.6% Female, 79.4% | Male, 58.2% Female, 41.8% |
| Race Ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% 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% |