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The differences between loan managers and loan administrators 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 a loan administrator. Additionally, a loan administrator has an average salary of $42,859, 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 a loan administrator are customer service, data entry, and loan administration.
| Loan Manager | Loan Administrator | |
| Yearly salary | $39,623 | $42,859 |
| Hourly rate | $19.05 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan managers and loan administrators have different pay scales, as shown below.
| Loan Manager | Loan Administrator | |
| Average salary | $39,623 | $42,859 |
| Salary range | Between $27,000 And $58,000 | Between $31,000 And $59,000 |
| Highest paying City | Jersey City, NJ | Seattle, WA |
| Highest paying state | New Jersey | Hawaii |
| Best paying company | Pacific Investment Management Company LLC | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and a loan administrator in terms of educational background:
| Loan Manager | Loan Administrator | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and loan administrators' demographics:
| Loan Manager | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 23.2% Female, 76.8% |
| 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, 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 | 8% | 8% |