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The differences between mortgage bankers and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a mortgage banker and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage banker include customer service, NMLS and federal regulations. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Mortgage Banker | Commercial Loan Officer | |
| Yearly salary | $27,331 | $70,876 |
| Hourly rate | $13.14 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,297 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Mortgage bankers and commercial loan officers have different pay scales, as shown below.
| Mortgage Banker | Commercial Loan Officer | |
| Average salary | $27,331 | $70,876 |
| Salary range | Between $9,000 And $78,000 | Between $50,000 And $100,000 |
| Highest paying City | - | Fort Lee, NJ |
| Highest paying state | - | Maine |
| Best paying company | - | Glacier Ban |
| Best paying industry | - | Finance |
There are a few differences between a mortgage banker and a commercial loan officer in terms of educational background:
| Mortgage Banker | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and commercial loan officers' demographics:
| Mortgage Banker | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |