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The differences between consumer loan underwriters and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a consumer loan underwriter, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, 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 credit officer are risk management, credit risk, and credit analysis.
| Consumer Loan Underwriter | Credit Officer | |
| Yearly salary | $53,525 | $129,478 |
| Hourly rate | $25.73 | $62.25 |
| Growth rate | 4% | 17% |
| Number of jobs | 17,495 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
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.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Consumer loan underwriters and credit officers have different pay scales, as shown below.
| Consumer Loan Underwriter | Credit Officer | |
| Average salary | $53,525 | $129,478 |
| Salary range | Between $37,000 And $76,000 | Between $85,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Marcus & Millichap | Farm Credit System |
| Best paying industry | Finance | Finance |
There are a few differences between a consumer loan underwriter and a credit officer in terms of educational background:
| Consumer Loan Underwriter | Credit Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between consumer loan underwriters' and credit officers' demographics:
| Consumer Loan Underwriter | Credit Officer | |
| Average age | 45 | 39 |
| Gender ratio | Male, 42.6% Female, 57.4% | Male, 64.4% Female, 35.6% |
| 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, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |