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The differences between mortgage analysts and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage analyst, becoming a loan analyst takes usually requires 4-6 years. Additionally, a loan analyst has an average salary of $37,857, which is higher than the $32,763 average annual salary of a mortgage analyst.
The top three skills for a mortgage analyst include origination, financial statements and excellent organizational. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Mortgage Analyst | Loan Analyst | |
| Yearly salary | $32,763 | $37,857 |
| Hourly rate | $15.75 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 22,208 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Mortgage analysts and loan analysts have different pay scales, as shown below.
| Mortgage Analyst | Loan Analyst | |
| Average salary | $32,763 | $37,857 |
| Salary range | Between $13,000 And $77,000 | Between $24,000 And $58,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | South Dakota |
| Best paying company | Citi | Barclays |
| Best paying industry | - | Finance |
There are a few differences between a mortgage analyst and a loan analyst in terms of educational background:
| Mortgage Analyst | Loan Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and loan analysts' demographics:
| Mortgage Analyst | Loan Analyst | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 43.2% Female, 56.8% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 9.6% White, 69.3% American Indian and Alaska Native, 0.3% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |