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The differences between lenders 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 a lender and a loan administrator. Additionally, a loan administrator has an average salary of $42,859, 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 a loan administrator are customer service, data entry, and loan administration.
| Lender | Loan Administrator | |
| Yearly salary | $37,723 | $42,859 |
| Hourly rate | $18.14 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 58% |
| 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.
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.
Lenders and loan administrators have different pay scales, as shown below.
| Lender | Loan Administrator | |
| Average salary | $37,723 | $42,859 |
| Salary range | Between $25,000 And $55,000 | Between $31,000 And $59,000 |
| Highest paying City | Seattle, WA | Seattle, WA |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Citi | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a loan administrator in terms of educational background:
| Lender | Loan Administrator | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and loan administrators' demographics:
| Lender | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 23.2% Female, 76.8% |
| 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, 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% |