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The differences between consumer loan underwriters and loan administrators 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 loan administrator. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a consumer loan underwriter include financial statements, loan applications and strong analytical. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Consumer Loan Underwriter | Loan Administrator | |
| Yearly salary | $53,525 | $42,859 |
| Hourly rate | $25.73 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,495 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Consumer loan underwriters and loan administrators have different pay scales, as shown below.
| Consumer Loan Underwriter | Loan Administrator | |
| Average salary | $53,525 | $42,859 |
| Salary range | Between $37,000 And $76,000 | Between $31,000 And $59,000 |
| Highest paying City | New York, NY | Seattle, WA |
| Highest paying state | New York | Hawaii |
| Best paying company | Marcus & Millichap | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a consumer loan underwriter and a loan administrator in terms of educational background:
| Consumer Loan Underwriter | Loan Administrator | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between consumer loan underwriters' and loan administrators' demographics:
| Consumer Loan Underwriter | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 42.6% Female, 57.4% | Male, 23.2% Female, 76.8% |
| 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, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |