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The differences between loan officers/loan processor and commercial 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/loan processor and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $46,753 average annual salary of a loan officer/loan processor.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Loan Officer/Loan Processor | Commercial Loan Officer | |
| Yearly salary | $46,753 | $70,876 |
| Hourly rate | $22.48 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Loan officers/loan processor and commercial loan officers have different pay scales, as shown below.
| Loan Officer/Loan Processor | Commercial Loan Officer | |
| Average salary | $46,753 | $70,876 |
| Salary range | Between $28,000 And $76,000 | Between $50,000 And $100,000 |
| Highest paying City | Columbia, MD | Fort Lee, NJ |
| Highest paying state | New Jersey | Maine |
| Best paying company | Xerox | Glacier Ban |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a commercial loan officer in terms of educational background:
| Loan Officer/Loan Processor | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers/loan processor' and commercial loan officers' demographics:
| Loan Officer/Loan Processor | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.5% White, 62.9% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |