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The differences between lenders and escrow 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 lender and an escrow officer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $37,723 average annual salary of a lender.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for an escrow officer are customer service, HOA, and title insurance.
| Lender | Escrow Officer | |
| Yearly salary | $37,723 | $50,270 |
| Hourly rate | $18.14 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 47% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
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.
Lenders and escrow officers have different pay scales, as shown below.
| Lender | Escrow Officer | |
| Average salary | $37,723 | $50,270 |
| Salary range | Between $25,000 And $55,000 | Between $36,000 And $70,000 |
| Highest paying City | Seattle, WA | Walnut Creek, CA |
| Highest paying state | South Dakota | New Mexico |
| Best paying company | Citi | Fidelity National Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and an escrow officer in terms of educational background:
| Lender | Escrow Officer | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and escrow officers' demographics:
| Lender | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 14.9% Female, 85.1% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% American Indian and Alaska Native, 0.5% | 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% |
| LGBT Percentage | 8% | 8% |