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The differences between mortgage analysts and loan officers 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 officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, 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 officer are customer service, origination, and loan origination.
| Mortgage Analyst | Loan Officer | |
| Yearly salary | $32,763 | $45,817 |
| Hourly rate | $15.75 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 22,208 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 61% |
| 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.
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.
Mortgage analysts and loan officers have different pay scales, as shown below.
| Mortgage Analyst | Loan Officer | |
| Average salary | $32,763 | $45,817 |
| Salary range | Between $13,000 And $77,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Citi | Bangor Savings Bank |
| Best paying industry | - | Finance |
There are a few differences between a mortgage analyst and a loan officer in terms of educational background:
| Mortgage Analyst | Loan Officer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and loan officers' demographics:
| Mortgage Analyst | Loan Officer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |