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The differences between loan reviewers 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 reviewer and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $31,175 average annual salary of a loan reviewer.
The top three skills for a loan reviewer include loan review, real estate and data entry. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Loan Reviewer | Consumer Loan Underwriter | |
| Yearly salary | $31,175 | $53,525 |
| Hourly rate | $14.99 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 14,737 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan reviewer is a person who evaluates and reviews the loan application of clients based on their loan capacity and capability to pay. They are responsible for assessing needed documents and ensures compliance with the regulation and policies of a bank or credit cooperative. A loan reviewer also verifies if the loan procedure is properly implemented. They have other responsibilities such as identifying loan problems, reviewing other banking processes, and reporting fraudulent claims. A representative also records and keeps the data needed for further analysis.
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 reviewers and consumer loan underwriters have different pay scales, as shown below.
| Loan Reviewer | Consumer Loan Underwriter | |
| Average salary | $31,175 | $53,525 |
| Salary range | Between $24,000 And $39,000 | Between $37,000 And $76,000 |
| Highest paying City | Olympia, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Citizens Alliance | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a loan reviewer and a consumer loan underwriter in terms of educational background:
| Loan Reviewer | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan reviewers' and consumer loan underwriters' demographics:
| Loan Reviewer | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.4% White, 63.6% 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% |