Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between branch lending 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 branch lending officer and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $46,615 average annual salary of a branch lending officer.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Branch Lending Officer | Consumer Loan Underwriter | |
| Yearly salary | $46,615 | $53,525 |
| Hourly rate | $22.41 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A branch lending officer is typically in charge of processing loan applications, ensuring accuracy and smooth workflow. Their responsibilities revolve around liaising with clients to identify their needs, conducting interviews and assessments, gathering and reviewing requirements, and coordinating with analysts and other staff. They may also perform clerical tasks such as answering calls and correspondence, arranging appointments, and maintaining records of all transactions. Furthermore, as a branch lending officer, it is essential to provide efficient customer service, all while adhering to the company's policies and regulations, including its vision and mission.
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.
Branch lending officers and consumer loan underwriters have different pay scales, as shown below.
| Branch Lending Officer | Consumer Loan Underwriter | |
| Average salary | $46,615 | $53,525 |
| Salary range | Between $29,000 And $73,000 | Between $37,000 And $76,000 |
| Highest paying City | Saint Cloud, MN | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | Citi | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a branch lending officer and a consumer loan underwriter in terms of educational background:
| Branch Lending Officer | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and consumer loan underwriters' demographics:
| Branch Lending Officer | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | 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% |