Loan clerk vs loan officer

The differences between loan clerks 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 clerk, 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 $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 officer are customer service, origination, and loan origination.

Loan clerk vs loan officer overview

	Loan Clerk	Loan Officer
Yearly salary	$26,552	$45,817
Hourly rate	$12.77	$22.03
Growth rate	-3%	4%
Number of jobs	75,101	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 61%
Average age	42	45
Years of experience	4	6

Loan clerk vs loan officer salary

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

	Loan Clerk	Loan Officer
Average salary	$26,552	$45,817
Salary range	Between $19,000 And $35,000	Between $30,000 And $69,000
Highest paying City	Newark, NJ	New York, NY
Highest paying state	California	New York
Best paying company	UFCU	Bangor Savings Bank
Best paying industry	Finance	Finance

Differences between loan clerk and loan officer education

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

	Loan Clerk	Loan Officer
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan clerk vs loan officer demographics

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

	Loan Clerk	Loan Officer
Average age	42	45
Gender ratio	Male, 16.9% Female, 83.1%	Male, 55.3% Female, 44.7%
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, 9.0% 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 clerk and loan officer 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 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 clerk vs loan officer 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 officer skills

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