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The differences between consumer loan underwriters and commercial 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 consumer loan underwriter and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $53,525 average annual salary of a consumer loan underwriter.
The top three skills for a consumer loan underwriter include financial statements, loan applications and strong analytical. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Consumer Loan Underwriter | Commercial Loan Officer | |
| Yearly salary | $53,525 | $70,876 |
| Hourly rate | $25.73 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,495 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Consumer loan underwriters and commercial loan officers have different pay scales, as shown below.
| Consumer Loan Underwriter | Commercial Loan Officer | |
| Average salary | $53,525 | $70,876 |
| Salary range | Between $37,000 And $76,000 | Between $50,000 And $100,000 |
| Highest paying City | New York, NY | Fort Lee, NJ |
| Highest paying state | New York | Maine |
| Best paying company | Marcus & Millichap | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a consumer loan underwriter and a commercial loan officer in terms of educational background:
| Consumer Loan Underwriter | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between consumer loan underwriters' and commercial loan officers' demographics:
| Consumer Loan Underwriter | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 42.6% Female, 57.4% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |