Bank officer vs consumer loan underwriter

The differences between bank officers and consumer loan underwriters can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a bank officer and a consumer loan underwriter. Additionally, a bank officer has an average salary of $79,562, which is higher than the $53,525 average annual salary of a consumer loan underwriter.

The top three skills for a bank officer include customer service, real estate and business development. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.

Bank officer vs consumer loan underwriter overview

	Bank Officer	Consumer Loan Underwriter
Yearly salary	$79,562	$53,525
Hourly rate	$38.25	$25.73
Growth rate	4%	4%
Number of jobs	69,880	17,495
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 66%
Average age	45	45
Years of experience	6	6

What does a bank officer do?

A bank officer is in charge of overseeing the daily operations at banking establishments, ensuring efficiency and client satisfaction. Their responsibilities include gathering and analyzing requests, approving and denying loan applications, providing consultations, processing client requests, and producing progress reports. There are also instances where they sign important documents, delegate tasks, and resolve issues and concerns. Moreover, as a bank officer, it is essential to lead and encourage staff to reach goals, all while implementing the company's policies and regulations.

What does a consumer loan underwriter do?

A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.

Bank officer vs consumer loan underwriter salary

Bank officers and consumer loan underwriters have different pay scales, as shown below.

	Bank Officer	Consumer Loan Underwriter
Average salary	$79,562	$53,525
Salary range	Between $57,000 And $110,000	Between $37,000 And $76,000
Highest paying City	Bangor, ME	New York, NY
Highest paying state	Maine	New York
Best paying company	Federal Reserve Bank	Marcus & Millichap
Best paying industry	Finance	Finance

Differences between bank officer and consumer loan underwriter education

There are a few differences between a bank officer and a consumer loan underwriter in terms of educational background:

	Bank Officer	Consumer Loan Underwriter
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Bank officer vs consumer loan underwriter demographics

Here are the differences between bank officers' and consumer loan underwriters' demographics:

	Bank Officer	Consumer Loan Underwriter
Average age	45	45
Gender ratio	Male, 50.8% Female, 49.2%	Male, 42.6% Female, 57.4%
Race ratio	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%	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between bank officer and consumer loan underwriter duties and responsibilities

Bank officer example responsibilities.

Manage financial resources from budget, treasury, expenditure commitments, accounting and finance, report from different departments to donors/stakeholders.
Lead major initiatives in 3concurrent roles successfully manage affluent personal and business portfolio to proactively cross-sell additional products and services.
Debug CPII on-line systems and ATM interface to correct customer information.
Review account and monitoring information; ensure compliance with BSA/AML procedures.
Contribute to training new staff members on internal KYC policies and procedures.
Perform writing of suspicious activity reports (SAR) of accounts when warrant.

Consumer loan underwriter example responsibilities.

Ensure proper coding are accomplished by determining the appropriate code in accordance with ICD-9 and CPT guidelines.
Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Manage a pipeline of fund TRID loans for completeness so they can be deliver and purchase by the required investor.
Manage the organization's HMDA data and accurately complete the government reporting annually.
Render underwritten decisions and subsequently clear conditions per underwriting policies and procedures, including knowledge of FNMA and FMLMC guidelines.
Generate and distribute IRB committee meeting minutes in accordance with appropriate federal regulations.

Bank officer vs consumer loan underwriter skills

Common bank officer skills

Customer Service, 14%
Real Estate, 7%
Business Development, 5%
Bank Products, 5%
Client Relationships, 4%
Financial Statements, 4%

Common consumer loan underwriter skills

Financial Statements, 12%
Loan Applications, 11%
Strong Analytical, 8%
Credit Reports, 7%
Credit Decisions, 6%
Compliance Reviews, 4%

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Bank Officer vs Consumer Loan Underwriter

Updated January 8, 2025

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