Loan auditor vs loan officer

The differences between loan auditors and loan officers 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 auditor, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $37,716 average annual salary of a loan auditor.

The top three skills for a loan auditor include audit findings, FHA and va. The most important skills for a loan officer are customer service, origination, and loan origination.

Loan auditor vs loan officer overview

	Loan Auditor	Loan Officer
Yearly salary	$37,716	$45,817
Hourly rate	$18.13	$22.03
Growth rate	-3%	4%
Number of jobs	26,869	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 61%
Average age	42	45
Years of experience	4	6

Loan auditor vs loan officer salary

Loan auditors and loan officers have different pay scales, as shown below.

	Loan Auditor	Loan Officer
Average salary	$37,716	$45,817
Salary range	Between $29,000 And $47,000	Between $30,000 And $69,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Bangor Savings Bank
Best paying industry	-	Finance

Differences between loan auditor and loan officer education

There are a few differences between a loan auditor and a loan officer in terms of educational background:

	Loan Auditor	Loan Officer
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan auditor vs loan officer demographics

Here are the differences between loan auditors' and loan officers' demographics:

	Loan Auditor	Loan Officer
Average age	42	45
Gender ratio	Male, 32.4% Female, 67.6%	Male, 55.3% Female, 44.7%
Race ratio	Black or African American, 12.8% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 6.7% White, 59.1% American Indian and Alaska Native, 0.4%	Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	8%

Differences between loan auditor and loan officer duties and responsibilities

Loan auditor example responsibilities.

Manage the organization's HMDA data and accurately complete the government reporting annually.
Research and respond to questions from FHA, VA and conventional loan lenders.
Review the HUD-1 settlement statement RESPA disclosures are properly execute with the settlement and disbursement dates, and fees is correct.
Review the VA loan analysis against the system for accuracy.
Work on FHA deals that require in-depth knowledge of special guidelines.
Produce accurately audit loan package properly identifying loan defects, paying particular attention to RESPA, HUD & GFE guidelines.

Loan officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Loan auditor vs loan officer skills

Common loan auditor skills

Audit Findings, 28%
FHA, 6%
Va, 6%
Real Estate, 5%
State Regulations, 4%
Federal Regulations, 4%

Common loan officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%