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The differences between loan officers assistant 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 officer assistant and a loan officer. Additionally, a loan officer has an average salary of $45,817, which is higher than the $45,681 average annual salary of a loan officer assistant.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan officer are customer service, origination, and loan origination.
| Loan Officer Assistant | Loan Officer | |
| Yearly salary | $45,681 | $45,817 |
| Hourly rate | $21.96 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,094 | 63,663 |
| Job satisfaction | 4 | 4.5 |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
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 officers assistant and loan officers have different pay scales, as shown below.
| Loan Officer Assistant | Loan Officer | |
| Average salary | $45,681 | $45,817 |
| Salary range | Between $28,000 And $72,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Stifel Financial | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a loan officer in terms of educational background:
| Loan Officer Assistant | Loan Officer | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan officers' demographics:
| Loan Officer Assistant | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% 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% |