What Does a Loan Officer Do?

In this section, we take a look at the annual salaries of other professions. Take personal lines underwriter for example. On average, the personal lines underwriters annual salary is $23,889 higher than what loan officers make on average every year.

Even though loan officers and personal lines underwriters have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require credit reports, underwriting guidelines, and customer complaints in the day-to-day roles.

These skill sets are where the common ground ends though. A loan officer responsibility is more likely to require skills like "customer service," "origination," "loan origination," and "fha." Whereas a personal lines underwriter requires skills like "dexterity," "insurance policies," "underwriting decisions," and "loss ratio." Just by understanding these different skills you can see how different these careers are.

Personal lines underwriters receive the highest salaries in the insurance industry coming in with an average yearly salary of $81,104. But loan officers are paid more in the finance industry with an average salary of $42,046.

On average, personal lines underwriters reach similar levels of education than loan officers. Personal lines underwriters are 0.8% less likely to earn a Master's Degree and 0.0% less likely to graduate with a Doctoral Degree.

Now we're going to look at the foreclosure specialist profession. On average, foreclosure specialists earn a $4,729 lower salary than loan officers a year.

Not everything about these jobs is different. Take their skills, for example. Loan officers and foreclosure specialists both include similar skills like "fha," "fnma," and "fannie mae" on their resumes.

But both careers also use different skills, according to real loan officer resumes. While loan officer responsibilities can utilize skills like "customer service," "origination," "loan origination," and "nmls," some foreclosure specialists use skills like "foreclosure process," "insurer," "loss mitigation," and "litigation."

On the topic of education, foreclosure specialists earn similar levels of education than loan officers. In general, they're 1.4% less likely to graduate with a Master's Degree and 0.0% more likely to earn a Doctoral Degree.

The third profession we take a look at is mortgage consultant. On an average scale, these workers bring in lower salaries than loan officers. In fact, they make a $6,883 lower salary per year.

Using loan officers and mortgage consultants resumes, we found that both professions have similar skills such as "customer service," "origination," and "loan origination," but the other skills required are very different.

There are many key differences between these two careers as shown by resumes from each profession. Some of those differences include the skills required to complete responsibilities within each role. As an example of this, a loan officer is likely to be skilled in "multifaceted," "loan programs," "credit analysis," and "customer complaints," while a typical mortgage consultant is skilled in "cross-selling," "credit history," "business development," and "title reports."

Interestingly enough, mortgage consultants earn the most pay in the finance industry, where they command an average salary of $36,576. As mentioned previously, loan officers highest annual salary comes from the finance industry with an average salary of $42,046.

Mortgage consultants are known to earn similar educational levels when compared to loan officers. Additionally, they're 0.5% more likely to graduate with a Master's Degree, and 0.3% more likely to earn a Doctoral Degree.

Now, we'll look at underwriters, who generally average a higher pay when compared to loan officers annual salary. In fact, the difference is about $15,934 per year.

While their salaries may vary, loan officers and underwriters both use similar skills to perform their jobs. Resumes from both professions include skills like "customer service," "origination," and "fha. "

Each job requires different skills like "loan origination," "nmls," "multifaceted," and "mortgage products," which might show up on a loan officer resume. Whereas underwriter might include skills like "investor guidelines," "mortgage loans," "financial statements," and "credit decisions."

Underwriters earn a higher salary in the manufacturing industry with an average of $78,233. Whereas, loan officers earn the highest salary in the finance industry.

Underwriters reach similar levels of education when compared to loan officers. The difference is that they're 0.9% more likely to earn a Master's Degree more, and 0.0% less likely to graduate with a Doctoral Degree.