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The differences between loan officers and loan originators 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 originator. Additionally, a loan officer has an average salary of $45,817, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan originator are customer service, origination, and FHA.
| Loan Officer | Loan Originator | |
| Yearly salary | $45,817 | $41,291 |
| Hourly rate | $22.03 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 10,716 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Loan officers and loan originators have different pay scales, as shown below.
| Loan Officer | Loan Originator | |
| Average salary | $45,817 | $41,291 |
| Salary range | Between $30,000 And $69,000 | Between $28,000 And $60,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | South Dakota |
| Best paying company | Bangor Savings Bank | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a loan officer and a loan originator in terms of educational background:
| Loan Officer | Loan Originator | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and loan originators' demographics:
| Loan Officer | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |