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The differences between consumer loan underwriters and loan analysts 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 analyst. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a consumer loan underwriter include financial statements, loan applications and strong analytical. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Consumer Loan Underwriter | Loan Analyst | |
| Yearly salary | $53,525 | $37,857 |
| Hourly rate | $25.73 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,495 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Consumer loan underwriters and loan analysts have different pay scales, as shown below.
| Consumer Loan Underwriter | Loan Analyst | |
| Average salary | $53,525 | $37,857 |
| Salary range | Between $37,000 And $76,000 | Between $24,000 And $58,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | South Dakota |
| Best paying company | Marcus & Millichap | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a consumer loan underwriter and a loan analyst in terms of educational background:
| Consumer Loan Underwriter | Loan Analyst | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between consumer loan underwriters' and loan analysts' demographics:
| Consumer Loan Underwriter | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 42.6% Female, 57.4% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |