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The differences between loan officers and loan administrators 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 loan administrator. Additionally, a loan officer has an average salary of $45,817, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Loan Officer | Loan Administrator | |
| Yearly salary | $45,817 | $42,859 |
| Hourly rate | $22.03 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 63,708 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 58% |
| 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 Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan officers and loan administrators have different pay scales, as shown below.
| Loan Officer | Loan Administrator | |
| Average salary | $45,817 | $42,859 |
| Salary range | Between $30,000 And $69,000 | Between $31,000 And $59,000 |
| Highest paying City | New York, NY | Seattle, WA |
| Highest paying state | New York | Hawaii |
| Best paying company | Bangor Savings Bank | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a loan administrator in terms of educational background:
| Loan Officer | Loan Administrator | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and loan administrators' demographics:
| Loan Officer | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 23.2% Female, 76.8% |
| 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, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |