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The differences between branch lending officers and loan officers 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 loan officer. Additionally, a branch lending officer has an average salary of $46,615, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a loan officer are customer service, origination, and loan origination.
| Branch Lending Officer | Loan Officer | |
| Yearly salary | $46,615 | $45,817 |
| Hourly rate | $22.41 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Branch lending officers and loan officers have different pay scales, as shown below.
| Branch Lending Officer | Loan Officer | |
| Average salary | $46,615 | $45,817 |
| Salary range | Between $29,000 And $73,000 | Between $30,000 And $69,000 |
| Highest paying City | Saint Cloud, MN | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | Citi | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a branch lending officer and a loan officer in terms of educational background:
| Branch Lending Officer | Loan Officer | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and loan officers' demographics:
| Branch Lending Officer | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |