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The differences between loan managers and loan 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 a loan officer. Additionally, a loan officer has an average salary of $45,817, 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 officer are customer service, origination, and loan origination.
| Loan Manager | Loan Officer | |
| Yearly salary | $39,623 | $45,817 |
| Hourly rate | $19.05 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Loan managers and loan officers have different pay scales, as shown below.
| Loan Manager | Loan Officer | |
| Average salary | $39,623 | $45,817 |
| Salary range | Between $27,000 And $58,000 | Between $30,000 And $69,000 |
| Highest paying City | Jersey City, NJ | New York, NY |
| Highest paying state | New Jersey | New York |
| Best paying company | Pacific Investment Management Company LLC | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and a loan officer in terms of educational background:
| Loan Manager | Loan Officer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and loan officers' demographics:
| Loan Manager | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |