Loan broker vs credit officer

The differences between loan brokers and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan broker, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $119,784 average annual salary of a loan broker.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a credit officer are risk management, credit risk, and credit analysis.

Loan broker vs credit officer overview

	Loan Broker	Credit Officer
Yearly salary	$119,784	$129,478
Hourly rate	$57.59	$62.25
Growth rate	4%	17%
Number of jobs	15,508	60,323
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 69%
Average age	45	39
Years of experience	6	2

Loan broker vs credit officer salary

Loan brokers and credit officers have different pay scales, as shown below.

	Loan Broker	Credit Officer
Average salary	$119,784	$129,478
Salary range	Between $81,000 And $175,000	Between $85,000 And $196,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Farm Credit System
Best paying industry	-	Finance

Differences between loan broker and credit officer education

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

	Loan Broker	Credit Officer
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 69%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs credit officer demographics

Here are the differences between loan brokers' and credit officers' demographics:

	Loan Broker	Credit Officer
Average age	45	39
Gender ratio	Male, 58.8% Female, 41.2%	Male, 64.4% Female, 35.6%
Race ratio	Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.2% White, 63.8% American Indian and Alaska Native, 0.5%	Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3%
LGBT Percentage	8%	11%

Differences between loan broker and credit officer duties and responsibilities

Loan broker example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Prepare loan packages for submittal to SBA.
Quoted rates for various scenarios, and lock FHA and VA loans.
Engage in full spectrum of commercial lending SBA, conventional and non-conventional.
Originate full line of mortgage products including conforming, non-conforming, FHA and VA.
Interview prospective lenders to for additional services; significantly expand company lender sources in both purchase and refinance markets.

Credit officer example responsibilities.

Manage credit risk and provide independent oversight of the bank portfolio.
Manage the global function for an ERP software company that has a niche market in manufacturing companies.
Manage SBA construction/tenant improvement projects submit until project is completed.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Review clients file for compliance with: CIP, OFAC, HMDA, CRA and red flag activities.
Audit applications for HUD and IHDA compliance.

Loan broker vs credit officer skills

Common loan broker skills

Financial Statements, 22%
Customer Service, 22%
Loan Applications, 10%
Commercial Loans, 8%
Loan Process, 7%
FHA, 7%

Common credit officer skills

Risk Management, 10%
Credit Risk, 7%
Credit Analysis, 5%
Real Estate, 4%
Credit Approval, 4%
Portfolio Management, 4%