Loan secretary vs loan administrator

The differences between loan secretaries and loan administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan secretary, becoming a loan administrator takes usually requires 4-6 years. Additionally, a loan administrator has an average salary of $42,859, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a loan administrator are customer service, data entry, and loan administration.

Loan secretary vs loan administrator overview

	Loan Secretary	Loan Administrator
Yearly salary	$35,271	$42,859
Hourly rate	$16.96	$20.61
Growth rate	-3%	4%
Number of jobs	15,452	63,708
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 58%
Average age	42	45
Years of experience	4	6

Loan secretary vs loan administrator salary

Loan secretaries and loan administrators have different pay scales, as shown below.

	Loan Secretary	Loan Administrator
Average salary	$35,271	$42,859
Salary range	Between $26,000 And $46,000	Between $31,000 And $59,000
Highest paying City	-	Seattle, WA
Highest paying state	-	Hawaii
Best paying company	-	BNY Mellon
Best paying industry	-	Finance

Differences between loan secretary and loan administrator education

There are a few differences between a loan secretary and a loan administrator in terms of educational background:

	Loan Secretary	Loan Administrator
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 58%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs loan administrator demographics

Here are the differences between loan secretaries' and loan administrators' demographics:

	Loan Secretary	Loan Administrator
Average age	42	45
Gender ratio	Male, 3.6% Female, 96.4%	Male, 23.2% Female, 76.8%
Race ratio	Black or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	8%

Differences between loan secretary and loan administrator duties and responsibilities

Loan secretary example responsibilities.

Prepare and file UCC's and title applications.
Process auto title work, life insurance, UCC filing and recording.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Determine loan DU eligibility and submit files to underwriting department.

Loan administrator example responsibilities.

Manage a multifacete commercial real estate investment firm.
Pull OFAC on all borrowers.
Order third party reports such as appraisals, titles, and OFAC information.
Order on FHA loans in a timely and efficient manner to meet month end deadlines.
Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.

Loan secretary vs loan administrator skills

Common loan secretary skills

Customer Service, 28%
Real Estate Loans, 8%
Financial Statements, 8%
Commercial Loans, 6%
Credit Reports, 6%
Computer System, 4%

Common loan administrator skills

Customer Service, 14%
Data Entry, 5%
Loan Administration, 5%
Loan Processing, 5%
Financial Statements, 4%
Due Diligence, 4%