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The differences between mortgage originators and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a mortgage originator, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $31,380 average annual salary of a mortgage originator.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Mortgage Originator | Credit Officer | |
| Yearly salary | $31,380 | $129,478 |
| Hourly rate | $15.09 | $62.25 |
| Growth rate | 4% | 17% |
| Number of jobs | 11,164 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
A Mortgage Originator is someone who will work with a borrower to process and complete a home loan application. They work closely with loan processors and underwriters to collect the required documentation until it is approved. Mortgage Origniators are responsible for guiding clients through the approval stage by assisting them with the paperwork, determining the loan amount, and taking and verifying documentation. They guide borrowers in deciding which mortgage type is right for them.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Mortgage originators and credit officers have different pay scales, as shown below.
| Mortgage Originator | Credit Officer | |
| Average salary | $31,380 | $129,478 |
| Salary range | Between $16,000 And $57,000 | Between $85,000 And $196,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Farm Credit System |
| Best paying industry | - | Finance |
There are a few differences between a mortgage originator and a credit officer in terms of educational background:
| Mortgage Originator | Credit Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and credit officers' demographics:
| Mortgage Originator | Credit Officer | |
| Average age | 45 | 39 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 10.0% Unknown, 4.7% Hispanic or Latino, 15.2% Asian, 6.1% White, 63.5% American Indian and Alaska Native, 0.5% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |