Loan clerk vs loan administrator

The differences between loan clerks 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 clerk, 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 $26,552 average annual salary of a loan clerk.

The top three skills for a loan clerk include customer service, loan payments and financial data. The most important skills for a loan administrator are customer service, data entry, and loan administration.

Loan clerk vs loan administrator overview

	Loan Clerk	Loan Administrator
Yearly salary	$26,552	$42,859
Hourly rate	$12.77	$20.61
Growth rate	-3%	4%
Number of jobs	75,101	63,708
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 58%
Average age	42	45
Years of experience	4	6

Loan clerk vs loan administrator salary

Loan clerks and loan administrators have different pay scales, as shown below.

	Loan Clerk	Loan Administrator
Average salary	$26,552	$42,859
Salary range	Between $19,000 And $35,000	Between $31,000 And $59,000
Highest paying City	Newark, NJ	Seattle, WA
Highest paying state	California	Hawaii
Best paying company	UFCU	BNY Mellon
Best paying industry	Finance	Finance

Differences between loan clerk and loan administrator education

There are a few differences between a loan clerk and a loan administrator in terms of educational background:

	Loan Clerk	Loan Administrator
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 58%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan clerk vs loan administrator demographics

Here are the differences between loan clerks' and loan administrators' demographics:

	Loan Clerk	Loan Administrator
Average age	42	45
Gender ratio	Male, 16.9% Female, 83.1%	Male, 23.2% Female, 76.8%
Race ratio	Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% American Indian and Alaska Native, 0.5%	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%

Differences between loan clerk and loan administrator duties and responsibilities

Loan clerk example responsibilities.

Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Monitor UCC filings and updates.
Prepare SBA loans using WordPrefect.
Record UCC filings on-line and by mail.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Work with HUD the VA and FHA to make sure all requirements are completed.

Loan administrator example responsibilities.

Manage a multifacete commercial real estate investment firm.
Pull OFAC on all borrowers.
Order third party reports such as appraisals, titles, and OFAC information.
Order on FHA loans in a timely and efficient manner to meet month end deadlines.
Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.

Loan clerk vs loan administrator skills

Common loan clerk skills

Customer Service, 22%
Loan Payments, 12%
Financial Data, 10%
Mortgage Loans, 5%
Credit Reports, 4%
General Ledger Accounts, 3%

Common loan administrator skills

Customer Service, 14%
Data Entry, 5%
Loan Administration, 5%
Loan Processing, 5%
Financial Statements, 4%
Due Diligence, 4%