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The differences between senior loan officers and escrow 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 an escrow officer. Additionally, an escrow officer has an average salary of $50,270, 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 an escrow officer are customer service, HOA, and title insurance.
| Senior Loan Officer | Escrow Officer | |
| Yearly salary | $37,162 | $50,270 |
| Hourly rate | $17.87 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 47% |
| 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.
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Senior loan officers and escrow officers have different pay scales, as shown below.
| Senior Loan Officer | Escrow Officer | |
| Average salary | $37,162 | $50,270 |
| Salary range | Between $29,000 And $46,000 | Between $36,000 And $70,000 |
| Highest paying City | Miami, FL | Walnut Creek, CA |
| Highest paying state | Hawaii | New Mexico |
| Best paying company | Salal Credit Union | Fidelity National Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and an escrow officer in terms of educational background:
| Senior Loan Officer | Escrow Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and escrow officers' demographics:
| Senior Loan Officer | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 14.9% Female, 85.1% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |