Credit products officer vs loan officer

The differences between credit products officers and loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a credit products officer and a loan officer. Additionally, a credit products officer has an average salary of $99,608, which is higher than the $45,817 average annual salary of a loan officer.

The top three skills for a credit products officer include credit analysis, financial statements and credit quality. The most important skills for a loan officer are customer service, origination, and loan origination.

Credit products officer vs loan officer overview

	Credit Products Officer	Loan Officer
Yearly salary	$99,608	$45,817
Hourly rate	$47.89	$22.03
Growth rate	4%	4%
Number of jobs	62,628	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 61%
Average age	45	45
Years of experience	6	6

Credit products officer vs loan officer salary

Credit products officers and loan officers have different pay scales, as shown below.

	Credit Products Officer	Loan Officer
Average salary	$99,608	$45,817
Salary range	Between $58,000 And $170,000	Between $30,000 And $69,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Bangor Savings Bank
Best paying industry	-	Finance

Differences between credit products officer and loan officer education

There are a few differences between a credit products officer and a loan officer in terms of educational background:

	Credit Products Officer	Loan Officer
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Credit products officer vs loan officer demographics

Here are the differences between credit products officers' and loan officers' demographics:

	Credit Products Officer	Loan Officer
Average age	45	45
Gender ratio	Male, 48.8% Female, 51.2%	Male, 55.3% Female, 44.7%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%	Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between credit products officer and loan officer duties and responsibilities

Credit products officer example responsibilities.

Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Implement SOX compliance for all AR audit functions.
Develop and implement credit and collection polices and controls for Sarbanes-Oxley compliance for the entire corporation and publish across all divisions.

Loan officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Credit products officer vs loan officer skills

Common credit products officer skills

Credit Analysis, 29%
Financial Statements, 20%
Credit Quality, 20%
Portfolio Management, 15%
Credit Approval, 4%
Financial Analysis, 4%

Common loan officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%