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The differences between loan officers and commercial 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 and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Loan Officer | Commercial Loan Officer | |
| Yearly salary | $45,817 | $70,876 |
| Hourly rate | $22.03 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 91,582 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Loan officers and commercial loan officers have different pay scales, as shown below.
| Loan Officer | Commercial Loan Officer | |
| Average salary | $45,817 | $70,876 |
| Salary range | Between $30,000 And $69,000 | Between $50,000 And $100,000 |
| Highest paying City | New York, NY | Fort Lee, NJ |
| Highest paying state | New York | Maine |
| Best paying company | Bangor Savings Bank | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a commercial loan officer in terms of educational background:
| Loan Officer | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and commercial loan officers' demographics:
| Loan Officer | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |