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The differences between credit officers and loan originators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a credit officer, becoming a loan originator takes usually requires 4-6 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a loan originator are customer service, origination, and FHA.
| Credit Officer | Loan Originator | |
| Yearly salary | $129,478 | $41,291 |
| Hourly rate | $62.25 | $19.85 |
| Growth rate | 17% | 4% |
| Number of jobs | 60,323 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
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.
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Credit officers and loan originators have different pay scales, as shown below.
| Credit Officer | Loan Originator | |
| Average salary | $129,478 | $41,291 |
| Salary range | Between $85,000 And $196,000 | Between $28,000 And $60,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | South Dakota |
| Best paying company | Farm Credit System | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a credit officer and a loan originator in terms of educational background:
| Credit Officer | Loan Originator | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and loan originators' demographics:
| Credit Officer | Loan Originator | |
| Average age | 39 | 45 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 54.0% Female, 46.0% |
| Race ratio | 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% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |