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The differences between loan officers and consumer loan underwriters 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 consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, 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 consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Loan Officer | Consumer Loan Underwriter | |
| Yearly salary | $45,817 | $53,525 |
| Hourly rate | $22.03 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 17,495 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| 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.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Loan officers and consumer loan underwriters have different pay scales, as shown below.
| Loan Officer | Consumer Loan Underwriter | |
| Average salary | $45,817 | $53,525 |
| Salary range | Between $30,000 And $69,000 | Between $37,000 And $76,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Bangor Savings Bank | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a consumer loan underwriter in terms of educational background:
| Loan Officer | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and consumer loan underwriters' demographics:
| Loan Officer | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 42.6% Female, 57.4% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |