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The differences between lenders and senior 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 lender and a senior loan officer. Additionally, a lender has an average salary of $37,723, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Lender | Senior Loan Officer | |
| Yearly salary | $37,723 | $37,162 |
| Hourly rate | $18.14 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 65,807 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| 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 senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Lenders and senior loan officers have different pay scales, as shown below.
| Lender | Senior Loan Officer | |
| Average salary | $37,723 | $37,162 |
| Salary range | Between $25,000 And $55,000 | Between $29,000 And $46,000 |
| Highest paying City | Seattle, WA | Miami, FL |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Citi | Salal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a senior loan officer in terms of educational background:
| Lender | Senior Loan Officer | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and senior loan officers' demographics:
| Lender | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 69.4% Female, 30.6% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |