What does a Loan Consultant do?
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.
Loan consultant responsibilities
Here are examples of responsibilities from real loan consultant resumes:
- 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.
- Review credit history, run DU and collect all require documentation for loan submission into processing.
- Experience in FHA/VA, conventional, sub-prime, fix, adjustable, commercial, and balloon loans.
Loan consultant skills and personality traits
We calculated that 21% of Loan Consultants are proficient in Loan Applications, Origination, and Customer Service. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Loan Consultants that have these skills listed on their resume here:
- Loan Applications, 21%
Cultivated in-depth relationships with referral partners, including real estate agents and financial planners, resulting in increased loan applications.
- Origination, 11%
Validated income, assets and credit/liability documentation to support origination underwriting guidelines in addition to collection of supporting documentation.
- Customer Service, 9%
Provided personalized customer service focused on establishing long-term clients and recommending loan or refinancing packages and services that satisfied customer needs.
- Financial Services, 6%
Help tellers and Financial Service Representatives recognize referral opportunities by properly profiling new and current bank customers.
- Inbound Calls, 5%
Received inbound calls and performed outbound calls to speak to clients with new mortgage inquiries as well as refinancing options.
- Business Development, 4%
Managed the overall day-to-day operations of the loan center including continuous business development to exceed set sales/client goals.
Common skills that a loan consultant uses to do their job include "loan applications," "origination," and "customer service." You can find details on the most important loan consultant responsibilities below.
Detail oriented. One of the key soft skills for a loan consultant to have is detail oriented. You can see how this relates to what loan consultants do because "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Additionally, a loan consultant resume shows how loan consultants use detail oriented: "detailed follow up with any and all contacts to gain necessary documentation required for loan approval. "
Initiative. Another essential skill to perform loan consultant duties is initiative. Loan consultants responsibilities require that "loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan." Loan consultants also use initiative in their role according to a real resume snippet: "handled inbound/outbound calls that result from established marketing initiatives with emphasis on converting these calls or web inquires to qualified leads. "
Interpersonal skills. This is an important skill for loan consultants to perform their duties. For an example of how loan consultant responsibilities depend on this skill, consider that "loan officers must be able to guide customers through the application process and answer their questions." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a loan consultant: "utilized excellent interpersonal skills in dealing with clients. ".
The three companies that hire the most loan consultants are:
- loanDepot12 loan consultants jobs
- Lendmark Financial5 loan consultants jobs
- Huntington National Bank2 loan consultants jobs
Choose from 10+ customizable loan consultant resume templates
Build a professional loan consultant resume in minutes. Our AI resume writing assistant will guide you through every step of the process, and you can choose from 10+ resume templates to create your loan consultant resume.
Compare different loan consultants
Loan consultant vs. Senior underwriter
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
While similarities exist, there are also some differences between loan consultants and senior underwriter. For instance, loan consultant responsibilities require skills such as "financial services," "inbound calls," "business development," and "loan origination." Whereas a senior underwriter is skilled in "portfolio," "strong analytical," "sr," and "excellent interpersonal." This is part of what separates the two careers.
Senior underwriters tend to make the most money working in the insurance industry, where they earn an average salary of $77,893. In contrast, loan consultants make the biggest average salary, $38,289, in the finance industry.The education levels that senior underwriters earn slightly differ from loan consultants. In particular, senior underwriters are 1.9% more likely to graduate with a Master's Degree than a loan consultant. Additionally, they're 0.3% more likely to earn a Doctoral Degree.Loan consultant vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Each career also uses different skills, according to real loan consultant resumes. While loan consultant responsibilities can utilize skills like "loan applications," "financial services," "customer relationships," and "financial products," mortgage bankers use skills like "nmls," "federal regulations," "bank products," and "loan programs."
Mortgage bankers earn similar levels of education than loan consultants in general. They're 0.7% more likely to graduate with a Master's Degree and 0.3% more likely to earn a Doctoral Degree.Loan consultant vs. Commercial loan officer
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a loan consultant is likely to be skilled in "financial services," "inbound calls," "loan products," and "loan origination," while a typical commercial loan officer is skilled in "loan portfolio," "financial statements," "bank products," and "loan documentation."
Commercial loan officers make a very good living in the finance industry with an average annual salary of $54,859. On the other hand, loan consultants are paid the highest salary in the finance industry, with average annual pay of $38,289.Most commercial loan officers achieve a higher degree level compared to loan consultants. For example, they're 6.6% more likely to graduate with a Master's Degree, and 0.2% more likely to earn a Doctoral Degree.Loan consultant vs. Senior loan officer
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.
Even though a few skill sets overlap between loan consultants and senior loan officers, there are some differences that are important to note. For one, a loan consultant might have more use for skills like "inbound calls," "customer relationships," "financial products," and "student loans." Meanwhile, some responsibilities of senior loan officers require skills like "va," "sr," "loan programs," and "nmls. "
In general, senior loan officers earn the most working in the finance industry, with an average salary of $36,884. The highest-paying industry for a loan consultant is the finance industry.In general, senior loan officers hold similar degree levels compared to loan consultants. Senior loan officers are 0.1% more likely to earn their Master's Degree and 0.2% more likely to graduate with a Doctoral Degree.Types of loan consultant
Updated January 8, 2025
