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The differences between lenders and loan officers assistant 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 officer assistant. Additionally, a loan officer assistant has an average salary of $45,681, 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 officer assistant are customer service, origination, and loan process.
| Lender | Loan Officer Assistant | |
| Yearly salary | $37,723 | $45,681 |
| Hourly rate | $18.14 | $21.96 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 65,094 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 53% |
| 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.
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
Lenders and loan officers assistant have different pay scales, as shown below.
| Lender | Loan Officer Assistant | |
| Average salary | $37,723 | $45,681 |
| Salary range | Between $25,000 And $55,000 | Between $28,000 And $72,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Citi | Stifel Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a loan officer assistant in terms of educational background:
| Lender | Loan Officer Assistant | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | SUNY at Binghamton |
Here are the differences between lenders' and loan officers assistant' demographics:
| Lender | Loan Officer Assistant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 28.8% Female, 71.2% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |