Consumer loan officer vs escrow officer

The differences between consumer loan officers and escrow 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 consumer loan officer and an escrow officer. Additionally, a consumer loan officer has an average salary of $84,607, which is higher than the $50,270 average annual salary of an escrow officer.

The top three skills for a consumer loan officer include financial statements, financial services and outbound calls. The most important skills for an escrow officer are customer service, HOA, and title insurance.

Consumer loan officer vs escrow officer overview

	Consumer Loan Officer	Escrow Officer
Yearly salary	$84,607	$50,270
Hourly rate	$40.68	$24.17
Growth rate	4%	4%
Number of jobs	68,163	62,077
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 66%	Bachelor's Degree, 47%
Average age	45	45
Years of experience	6	6

Consumer loan officer vs escrow officer salary

Consumer loan officers and escrow officers have different pay scales, as shown below.

	Consumer Loan Officer	Escrow Officer
Average salary	$84,607	$50,270
Salary range	Between $61,000 And $116,000	Between $36,000 And $70,000
Highest paying City	-	Walnut Creek, CA
Highest paying state	-	New Mexico
Best paying company	-	Fidelity National Financial
Best paying industry	-	Finance

Differences between consumer loan officer and escrow officer education

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

	Consumer Loan Officer	Escrow Officer
Most common degree	Bachelor's Degree, 66%	Bachelor's Degree, 47%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Consumer loan officer vs escrow officer demographics

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

	Consumer Loan Officer	Escrow Officer
Average age	45	45
Gender ratio	Male, 48.9% Female, 51.1%	Male, 14.9% Female, 85.1%
Race ratio	Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 15.6% Asian, 6.5% White, 63.5% American Indian and Alaska Native, 0.5%	Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between consumer loan officer and escrow officer duties and responsibilities

Consumer loan officer example responsibilities.

Coordinate loans, manage daily operation of loan origination, processing, follow up and closings.
Manage a multifacete commercial real estate investment firm.
Execute loan origination process, to include ordering and evaluating credit reports, appraisals and preliminary title reports.
Ensure compliance with lending laws, RESPA, HMDA, and TIL etc.
Solicit new lending and cross-selling opportunities from prospects discover by networking, cold-calling, or on a referral basis.
Develop customer relationships, educate and recommend appropriately base on needs, maximize cross-selling opportunities.

Escrow officer example responsibilities.

Manage escrow department for title insurance company.
Perform closing for a variety of real estate escrows types, including but not limit to REO resale and resale escrows.
Operate multi-line phone system and perform basic office procedures.
Prepare closing documents, close escrow, TRID CD, clear title.
Order conveyance deeds and other pertinent documents from outside vendors.
Prepare documents to be record with county and return to mortgage company for conveyance.

Consumer loan officer vs escrow officer skills

Common consumer loan officer skills

Financial Statements, 7%
Financial Services, 7%
Outbound Calls, 6%
Consumer Loan Applications, 6%
Phone Calls, 6%
Origination, 6%

Common escrow officer skills

Customer Service, 23%
HOA, 6%
Title Insurance, 6%
Notary, 5%
Develop Client Relationships, 5%
Real Estate Transactions, 5%