Consumer loan officer vs loan manager

The differences between consumer loan officers and loan managers 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 a loan manager. Additionally, a consumer loan officer has an average salary of $84,607, which is higher than the $39,623 average annual salary of a loan manager.

The top three skills for a consumer loan officer include financial statements, financial services and outbound calls. The most important skills for a loan manager are loan applications, customer service, and real estate.

Consumer loan officer vs loan manager overview

	Consumer Loan Officer	Loan Manager
Yearly salary	$84,607	$39,623
Hourly rate	$40.68	$19.05
Growth rate	4%	4%
Number of jobs	68,163	11,965
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 66%	Bachelor's Degree, 59%
Average age	45	45
Years of experience	6	6

Consumer loan officer vs loan manager salary

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

	Consumer Loan Officer	Loan Manager
Average salary	$84,607	$39,623
Salary range	Between $61,000 And $116,000	Between $27,000 And $58,000
Highest paying City	-	Jersey City, NJ
Highest paying state	-	New Jersey
Best paying company	-	Pacific Investment Management Company LLC
Best paying industry	-	Finance

Differences between consumer loan officer and loan manager education

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

	Consumer Loan Officer	Loan Manager
Most common degree	Bachelor's Degree, 66%	Bachelor's Degree, 59%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Consumer loan officer vs loan manager demographics

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

	Consumer Loan Officer	Loan Manager
Average age	45	45
Gender ratio	Male, 48.9% Female, 51.1%	Male, 46.5% Female, 53.5%
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, 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 consumer loan officer and loan manager 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.

Loan manager example responsibilities.

Reduce downtime by completing reports on ATM and repairs and managing service calls.
Manage loan origination underwriting and funding teams for dealer and consumer financial products and services.
Ensure all loan origination procedures are followed according to bank and federal guidelines.
Back up to member services, ATM and vault teller when need.
Front end manual and AUS underwriting of FHA purchase, new construction and refinance transactions.
Include supervising a staff of five in submitting VA and FHA loans for guaranty and insuring.

Consumer loan officer vs loan manager 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 loan manager skills

Loan Applications, 20%
Customer Service, 9%
Real Estate, 9%
Loan Portfolio, 5%
Origination, 5%
Corporate Financial Statements, 4%