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The differences between loan review analysts and 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 review analyst and a loan officer. Additionally, a loan officer has an average salary of $45,817, 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 loan officer are customer service, origination, and loan origination.
| Loan Review Analyst | Loan Officer | |
| Yearly salary | $42,678 | $45,817 |
| Hourly rate | $20.52 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 26,042 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 61% |
| 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.
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.
Loan review analysts and loan officers have different pay scales, as shown below.
| Loan Review Analyst | Loan Officer | |
| Average salary | $42,678 | $45,817 |
| Salary range | Between $25,000 And $72,000 | Between $30,000 And $69,000 |
| Highest paying City | Parsippany-Troy Hills, NJ | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | CFA Institute | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan review analyst and a loan officer in terms of educational background:
| Loan Review Analyst | Loan Officer | |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan review analysts' and loan officers' demographics:
| Loan Review Analyst | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 37.7% Female, 62.3% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |