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The differences between escrow officers and loan originators 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 originator. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a loan originator are customer service, origination, and FHA.
| Escrow Officer | Loan Originator | |
| Yearly salary | $50,270 | $41,291 |
| Hourly rate | $24.17 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Escrow officers and loan originators have different pay scales, as shown below.
| Escrow Officer | Loan Originator | |
| Average salary | $50,270 | $41,291 |
| Salary range | Between $36,000 And $70,000 | Between $28,000 And $60,000 |
| Highest paying City | Walnut Creek, CA | New York, NY |
| Highest paying state | New Mexico | South Dakota |
| Best paying company | Fidelity National Financial | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between an escrow officer and a loan originator in terms of educational background:
| Escrow Officer | Loan Originator | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and loan originators' demographics:
| Escrow Officer | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |