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The differences between loan assistants and loan administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan assistant, becoming a loan administrator takes usually requires 4-6 years. Additionally, a loan administrator has an average salary of $42,859, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Loan Assistant | Loan Administrator | |
| Yearly salary | $36,962 | $42,859 |
| Hourly rate | $17.77 | $20.61 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,923 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 58% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
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.
Loan assistants and loan administrators have different pay scales, as shown below.
| Loan Assistant | Loan Administrator | |
| Average salary | $36,962 | $42,859 |
| Salary range | Between $28,000 And $47,000 | Between $31,000 And $59,000 |
| Highest paying City | Olympia, WA | Seattle, WA |
| Highest paying state | Washington | Hawaii |
| Best paying company | University of California, Berkeley | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan administrator in terms of educational background:
| Loan Assistant | Loan Administrator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan administrators' demographics:
| Loan Assistant | Loan Administrator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 23.2% Female, 76.8% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |