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The differences between loan assistants and loan originators 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 originator takes usually requires 4-6 years. Additionally, a loan originator has an average salary of $41,291, 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 originator are customer service, origination, and FHA.
| Loan Assistant | Loan Originator | |
| Yearly salary | $36,962 | $41,291 |
| Hourly rate | $17.77 | $19.85 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,923 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Loan assistants and loan originators have different pay scales, as shown below.
| Loan Assistant | Loan Originator | |
| Average salary | $36,962 | $41,291 |
| Salary range | Between $28,000 And $47,000 | Between $28,000 And $60,000 |
| Highest paying City | Olympia, WA | New York, NY |
| Highest paying state | Washington | South Dakota |
| Best paying company | University of California, Berkeley | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a loan assistant and a loan originator in terms of educational background:
| Loan Assistant | Loan Originator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan originators' demographics:
| Loan Assistant | Loan Originator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 54.0% Female, 46.0% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |