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The differences between mortgage originators and 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 originator and a loan officer. Additionally, a loan officer has an average salary of $45,817, 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 loan officer are customer service, origination, and loan origination.
| Mortgage Originator | Loan Officer | |
| Yearly salary | $31,380 | $45,817 |
| Hourly rate | $15.09 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,164 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
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 originators and loan officers have different pay scales, as shown below.
| Mortgage Originator | Loan Officer | |
| Average salary | $31,380 | $45,817 |
| Salary range | Between $16,000 And $57,000 | 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 |
There are a few differences between a mortgage originator and a loan officer in terms of educational background:
| Mortgage Originator | Loan Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and loan officers' demographics:
| Mortgage Originator | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 55.3% Female, 44.7% |
| 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, 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 | 8% | 8% |