Loan secretary vs loan officer

The differences between loan secretaries and loan officers 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 officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, 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 officer are customer service, origination, and loan origination.

Loan secretary vs loan officer overview

	Loan Secretary	Loan Officer
Yearly salary	$35,271	$45,817
Hourly rate	$16.96	$22.03
Growth rate	-3%	4%
Number of jobs	15,452	63,663
Job satisfaction	-	4.5
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 61%
Average age	42	45
Years of experience	4	6

Loan secretary vs loan officer salary

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

	Loan Secretary	Loan Officer
Average salary	$35,271	$45,817
Salary range	Between $26,000 And $46,000	Between $30,000 And $69,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Bangor Savings Bank
Best paying industry	-	Finance

Differences between loan secretary and loan officer education

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

	Loan Secretary	Loan Officer
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs loan officer demographics

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

	Loan Secretary	Loan Officer
Average age	42	45
Gender ratio	Male, 3.6% Female, 96.4%	Male, 55.3% Female, 44.7%
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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	8%

Differences between loan secretary and loan officer 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 officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Loan secretary vs loan officer 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 officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%