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The differences between loan officers and escrow 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 an escrow officer. Additionally, an escrow officer has an average salary of $50,270, 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 an escrow officer are customer service, HOA, and title insurance.
| Loan Officer | Escrow Officer | |
| Yearly salary | $45,817 | $50,270 |
| Hourly rate | $22.03 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 62,077 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 47% |
| 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.
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Loan officers and escrow officers have different pay scales, as shown below.
| Loan Officer | Escrow Officer | |
| Average salary | $45,817 | $50,270 |
| Salary range | Between $30,000 And $69,000 | Between $36,000 And $70,000 |
| Highest paying City | New York, NY | Walnut Creek, CA |
| Highest paying state | New York | New Mexico |
| Best paying company | Bangor Savings Bank | Fidelity National Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and an escrow officer in terms of educational background:
| Loan Officer | Escrow Officer | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and escrow officers' demographics:
| Loan Officer | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 14.9% Female, 85.1% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |