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The differences between loan officers and loan advisers 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 adviser. Additionally, a loan officer has an average salary of $45,817, which is higher than the $40,365 average annual salary of a loan adviser.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan adviser are customer service, origination, and mortgage loans.
| Loan Officer | Loan Adviser | |
| Yearly salary | $45,817 | $40,365 |
| Hourly rate | $22.03 | $19.41 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 24,189 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 52% |
| 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 adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
Loan officers and loan advisers have different pay scales, as shown below.
| Loan Officer | Loan Adviser | |
| Average salary | $45,817 | $40,365 |
| Salary range | Between $30,000 And $69,000 | Between $28,000 And $56,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Bangor Savings Bank | - |
| Best paying industry | Finance | - |
There are a few differences between a loan officer and a loan adviser in terms of educational background:
| Loan Officer | Loan Adviser | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and loan advisers' demographics:
| Loan Officer | Loan Adviser | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 47.7% Female, 52.3% |
| 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, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |