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The differences between loan officers/loan processor and escrow 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 an escrow officer. Additionally, an escrow officer has an average salary of $50,270, 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 an escrow officer are customer service, HOA, and title insurance.
| Loan Officer/Loan Processor | Escrow Officer | |
| Yearly salary | $46,753 | $50,270 |
| Hourly rate | $22.48 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 47% |
| 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.
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Loan officers/loan processor and escrow officers have different pay scales, as shown below.
| Loan Officer/Loan Processor | Escrow Officer | |
| Average salary | $46,753 | $50,270 |
| Salary range | Between $28,000 And $76,000 | Between $36,000 And $70,000 |
| Highest paying City | Columbia, MD | Walnut Creek, CA |
| Highest paying state | New Jersey | New Mexico |
| Best paying company | Xerox | Fidelity National Financial |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and an escrow officer in terms of educational background:
| Loan Officer/Loan Processor | Escrow Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers/loan processor' and escrow officers' demographics:
| Loan Officer/Loan Processor | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 14.9% Female, 85.1% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |