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The differences between escrow officers and loan administrators 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 loan administrator. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Escrow Officer | Loan Administrator | |
| Yearly salary | $50,270 | $42,859 |
| Hourly rate | $24.17 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Escrow officers and loan administrators have different pay scales, as shown below.
| Escrow Officer | Loan Administrator | |
| Average salary | $50,270 | $42,859 |
| Salary range | Between $36,000 And $70,000 | Between $31,000 And $59,000 |
| Highest paying City | Walnut Creek, CA | Seattle, WA |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Fidelity National Financial | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between an escrow officer and a loan administrator in terms of educational background:
| Escrow Officer | Loan Administrator | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and loan administrators' demographics:
| Escrow Officer | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 23.2% Female, 76.8% |
| 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, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |