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The differences between escrow officers and commercial 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 an escrow officer and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $50,270 average annual salary of an escrow officer.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Escrow Officer | Commercial Loan Officer | |
| Yearly salary | $50,270 | $70,876 |
| Hourly rate | $24.17 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Escrow officers and commercial loan officers have different pay scales, as shown below.
| Escrow Officer | Commercial Loan Officer | |
| Average salary | $50,270 | $70,876 |
| Salary range | Between $36,000 And $70,000 | Between $50,000 And $100,000 |
| Highest paying City | Walnut Creek, CA | Fort Lee, NJ |
| Highest paying state | New Mexico | Maine |
| Best paying company | Fidelity National Financial | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between an escrow officer and a commercial loan officer in terms of educational background:
| Escrow Officer | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and commercial loan officers' demographics:
| Escrow Officer | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |