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The differences between loan review analysts and consumer loan underwriters 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 review analyst and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $42,678 average annual salary of a loan review analyst.
The top three skills for a loan review analyst include financial statements, loan documentation and real estate. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Loan Review Analyst | Consumer Loan Underwriter | |
| Yearly salary | $42,678 | $53,525 |
| Hourly rate | $20.52 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 26,042 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan review analyst is a person who evaluates all credit documents and information needed. They are responsible for gaining approval and maintaining compliance under the credit or loan guidelines. A loan revies analyst prepares needed loan reports with the necessary information for approval and decision making. Furthermore, they are the ones who are assessing credit structures. Often, this career is for someone who has experience in credit analysis and assessment.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Loan review analysts and consumer loan underwriters have different pay scales, as shown below.
| Loan Review Analyst | Consumer Loan Underwriter | |
| Average salary | $42,678 | $53,525 |
| Salary range | Between $25,000 And $72,000 | Between $37,000 And $76,000 |
| Highest paying City | Parsippany-Troy Hills, NJ | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | CFA Institute | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a loan review analyst and a consumer loan underwriter in terms of educational background:
| Loan Review Analyst | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan review analysts' and consumer loan underwriters' demographics:
| Loan Review Analyst | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 37.7% Female, 62.3% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |