Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between credit officers and mortgage bankers 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 mortgage banker takes usually requires 4-6 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Credit Officer | Mortgage Banker | |
| Yearly salary | $129,478 | $27,331 |
| Hourly rate | $62.25 | $13.14 |
| Growth rate | 17% | 4% |
| Number of jobs | 60,323 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Credit officers and mortgage bankers have different pay scales, as shown below.
| Credit Officer | Mortgage Banker | |
| Average salary | $129,478 | $27,331 |
| Salary range | Between $85,000 And $196,000 | Between $9,000 And $78,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Farm Credit System | - |
| Best paying industry | Finance | - |
There are a few differences between a credit officer and a mortgage banker in terms of educational background:
| Credit Officer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and mortgage bankers' demographics:
| Credit Officer | Mortgage Banker | |
| Average age | 39 | 45 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |