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The differences between loan managers and escrow officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan manager and an escrow officer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $39,623 average annual salary of a loan manager.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for an escrow officer are customer service, HOA, and title insurance.
| Loan Manager | Escrow Officer | |
| Yearly salary | $39,623 | $50,270 |
| Hourly rate | $19.05 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 47% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Loan managers and escrow officers have different pay scales, as shown below.
| Loan Manager | Escrow Officer | |
| Average salary | $39,623 | $50,270 |
| Salary range | Between $27,000 And $58,000 | Between $36,000 And $70,000 |
| Highest paying City | Jersey City, NJ | Walnut Creek, CA |
| Highest paying state | New Jersey | New Mexico |
| Best paying company | Pacific Investment Management Company LLC | Fidelity National Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and an escrow officer in terms of educational background:
| Loan Manager | Escrow Officer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and escrow officers' demographics:
| Loan Manager | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 14.9% Female, 85.1% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |