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The differences between senior loan officers and consumer loan underwriters 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 consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, 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 consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Senior Loan Officer | Consumer Loan Underwriter | |
| Yearly salary | $37,162 | $53,525 |
| Hourly rate | $17.87 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| 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.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Senior loan officers and consumer loan underwriters have different pay scales, as shown below.
| Senior Loan Officer | Consumer Loan Underwriter | |
| Average salary | $37,162 | $53,525 |
| Salary range | Between $29,000 And $46,000 | Between $37,000 And $76,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Salal Credit Union | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a consumer loan underwriter in terms of educational background:
| Senior Loan Officer | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and consumer loan underwriters' demographics:
| Senior Loan Officer | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 42.6% Female, 57.4% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |