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The differences between junior loan 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 junior loan officer and a loan officer. Additionally, a loan officer has an average salary of $45,817, which is higher than the $39,006 average annual salary of a junior loan officer.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a loan officer are customer service, origination, and loan origination.
| Junior Loan Officer | Loan Officer | |
| Yearly salary | $39,006 | $45,817 |
| Hourly rate | $18.75 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Junior loan officers and loan officers have different pay scales, as shown below.
| Junior Loan Officer | Loan Officer | |
| Average salary | $39,006 | $45,817 |
| Salary range | Between $28,000 And $53,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Carnival Cruise Line | Bangor Savings Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a junior loan officer and a loan officer in terms of educational background:
| Junior Loan Officer | Loan Officer | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and loan officers' demographics:
| Junior Loan Officer | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | 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, 63.3% 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% |