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The differences between senior loan officers 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 senior loan officer and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a senior loan officer include customer service, loan applications and origination. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Senior Loan Officer | Commercial Loan Officer | |
| Yearly salary | $37,162 | $70,876 |
| Hourly rate | $17.87 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
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.
Senior loan officers and commercial loan officers have different pay scales, as shown below.
| Senior Loan Officer | Commercial Loan Officer | |
| Average salary | $37,162 | $70,876 |
| Salary range | Between $29,000 And $46,000 | Between $50,000 And $100,000 |
| Highest paying City | Miami, FL | Fort Lee, NJ |
| Highest paying state | Hawaii | Maine |
| Best paying company | Salal Credit Union | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a commercial loan officer in terms of educational background:
| Senior Loan Officer | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and commercial loan officers' demographics:
| Senior Loan Officer | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | 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% |