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The differences between loan advisers 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 loan adviser and an escrow officer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $40,365 average annual salary of a loan adviser.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for an escrow officer are customer service, HOA, and title insurance.
| Loan Adviser | Escrow Officer | |
| Yearly salary | $40,365 | $50,270 |
| Hourly rate | $19.41 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 47% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
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.
Loan advisers and escrow officers have different pay scales, as shown below.
| Loan Adviser | Escrow Officer | |
| Average salary | $40,365 | $50,270 |
| Salary range | Between $28,000 And $56,000 | Between $36,000 And $70,000 |
| Highest paying City | - | Walnut Creek, CA |
| Highest paying state | - | New Mexico |
| Best paying company | - | Fidelity National Financial |
| Best paying industry | - | Finance |
There are a few differences between a loan adviser and an escrow officer in terms of educational background:
| Loan Adviser | Escrow Officer | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and escrow officers' demographics:
| Loan Adviser | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 14.9% Female, 85.1% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |