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The differences between loan officers and loan analysts 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 analyst. Additionally, a loan officer has an average salary of $45,817, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Officer | Loan Analyst | |
| Yearly salary | $45,817 | $37,857 |
| Hourly rate | $22.03 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 24,756 |
| 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 loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan officers and loan analysts have different pay scales, as shown below.
| Loan Officer | Loan Analyst | |
| Average salary | $45,817 | $37,857 |
| Salary range | Between $30,000 And $69,000 | Between $24,000 And $58,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | South Dakota |
| Best paying company | Bangor Savings Bank | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a loan analyst in terms of educational background:
| Loan Officer | Loan Analyst | |
| 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 loan analysts' demographics:
| Loan Officer | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |