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The differences between bank officers and mortgage bankers 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 mortgage banker. Additionally, a bank officer has an average salary of $79,562, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a bank officer include customer service, real estate and business development. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Bank Officer | Mortgage Banker | |
| Yearly salary | $79,562 | $27,331 |
| Hourly rate | $38.25 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 69,880 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Bank officers and mortgage bankers have different pay scales, as shown below.
| Bank Officer | Mortgage Banker | |
| Average salary | $79,562 | $27,331 |
| Salary range | Between $57,000 And $110,000 | Between $9,000 And $78,000 |
| Highest paying City | Bangor, ME | - |
| Highest paying state | Maine | - |
| Best paying company | Federal Reserve Bank | - |
| Best paying industry | Finance | - |
There are a few differences between a bank officer and a mortgage banker in terms of educational background:
| Bank Officer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between bank officers' and mortgage bankers' demographics:
| Bank Officer | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 50.8% Female, 49.2% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |