Escrow officer vs consumer loan underwriter

The differences between escrow officers and consumer loan underwriters 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 consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, 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 consumer loan underwriter are financial statements, loan applications, and strong analytical.

Escrow officer vs consumer loan underwriter overview

	Escrow Officer	Consumer Loan Underwriter
Yearly salary	$50,270	$53,525
Hourly rate	$24.17	$25.73
Growth rate	4%	4%
Number of jobs	62,077	17,495
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 66%
Average age	45	45
Years of experience	6	6

What does an escrow officer do?

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.

What does a consumer loan underwriter do?

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.

Escrow officer vs consumer loan underwriter salary

Escrow officers and consumer loan underwriters have different pay scales, as shown below.

	Escrow Officer	Consumer Loan Underwriter
Average salary	$50,270	$53,525
Salary range	Between $36,000 And $70,000	Between $37,000 And $76,000
Highest paying City	Walnut Creek, CA	New York, NY
Highest paying state	New Mexico	New York
Best paying company	Fidelity National Financial	Marcus & Millichap
Best paying industry	Finance	Finance

Differences between escrow officer and consumer loan underwriter education

There are a few differences between an escrow officer and a consumer loan underwriter in terms of educational background:

	Escrow Officer	Consumer Loan Underwriter
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Escrow officer vs consumer loan underwriter demographics

Here are the differences between escrow officers' and consumer loan underwriters' demographics:

	Escrow Officer	Consumer Loan Underwriter
Average age	45	45
Gender ratio	Male, 14.9% Female, 85.1%	Male, 42.6% Female, 57.4%
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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between escrow officer and consumer loan underwriter duties and responsibilities

Escrow officer example responsibilities.

Manage escrow department for title insurance company.
Perform closing for a variety of real estate escrows types, including but not limit to REO resale and resale escrows.
Operate multi-line phone system and perform basic office procedures.
Prepare closing documents, close escrow, TRID CD, clear title.
Order conveyance deeds and other pertinent documents from outside vendors.
Prepare documents to be record with county and return to mortgage company for conveyance.

Consumer loan underwriter example responsibilities.

Ensure proper coding are accomplished by determining the appropriate code in accordance with ICD-9 and CPT guidelines.
Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Manage a pipeline of fund TRID loans for completeness so they can be deliver and purchase by the required investor.
Manage the organization's HMDA data and accurately complete the government reporting annually.
Render underwritten decisions and subsequently clear conditions per underwriting policies and procedures, including knowledge of FNMA and FMLMC guidelines.
Generate and distribute IRB committee meeting minutes in accordance with appropriate federal regulations.

Escrow officer vs consumer loan underwriter skills

Common escrow officer skills

Customer Service, 23%
HOA, 6%
Title Insurance, 6%
Notary, 5%
Develop Client Relationships, 5%
Real Estate Transactions, 5%

Common consumer loan underwriter skills

Financial Statements, 12%
Loan Applications, 11%
Strong Analytical, 8%
Credit Reports, 7%
Credit Decisions, 6%
Compliance Reviews, 4%

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Escrow Officer vs Consumer Loan Underwriter

Updated January 8, 2025

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