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The differences between loan officers and senior loan 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 a senior loan officer. Additionally, a loan officer has an average salary of $45,817, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Loan Officer | Senior Loan Officer | |
| Yearly salary | $45,817 | $37,162 |
| Hourly rate | $22.03 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 65,807 |
| 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 senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Loan officers and senior loan officers have different pay scales, as shown below.
| Loan Officer | Senior Loan Officer | |
| Average salary | $45,817 | $37,162 |
| Salary range | Between $30,000 And $69,000 | Between $29,000 And $46,000 |
| Highest paying City | New York, NY | Miami, FL |
| Highest paying state | New York | Hawaii |
| Best paying company | Bangor Savings Bank | Salal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a senior loan officer in terms of educational background:
| Loan Officer | Senior Loan Officer | |
| 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 senior loan officers' demographics:
| Loan Officer | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 69.4% Female, 30.6% |
| 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% |