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The differences between loan managers and loan originators 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 originator. Additionally, a loan originator has an average salary of $41,291, 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 originator are customer service, origination, and FHA.
| Loan Manager | Loan Originator | |
| Yearly salary | $39,623 | $41,291 |
| Hourly rate | $19.05 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 10,716 |
| Job satisfaction | - | - |
| 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.
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Loan managers and loan originators have different pay scales, as shown below.
| Loan Manager | Loan Originator | |
| Average salary | $39,623 | $41,291 |
| Salary range | Between $27,000 And $58,000 | Between $28,000 And $60,000 |
| Highest paying City | Jersey City, NJ | New York, NY |
| Highest paying state | New Jersey | South Dakota |
| Best paying company | Pacific Investment Management Company LLC | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a loan manager and a loan originator in terms of educational background:
| Loan Manager | Loan Originator | |
| 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 originators' demographics:
| Loan Manager | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 54.0% Female, 46.0% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |