Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan officers and loan advisers 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 loan adviser. Additionally, a loan adviser has an average salary of $40,365, 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 loan adviser are customer service, origination, and mortgage loans.
| Senior Loan Officer | Loan Adviser | |
| Yearly salary | $37,162 | $40,365 |
| Hourly rate | $17.87 | $19.41 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 24,189 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 52% |
| 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 loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
Senior loan officers and loan advisers have different pay scales, as shown below.
| Senior Loan Officer | Loan Adviser | |
| Average salary | $37,162 | $40,365 |
| Salary range | Between $29,000 And $46,000 | Between $28,000 And $56,000 |
| Highest paying City | Miami, FL | - |
| Highest paying state | Hawaii | - |
| Best paying company | Salal Credit Union | - |
| Best paying industry | Finance | - |
There are a few differences between a senior loan officer and a loan adviser in terms of educational background:
| Senior Loan Officer | Loan Adviser | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and loan advisers' demographics:
| Senior Loan Officer | Loan Adviser | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 47.7% Female, 52.3% |
| 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, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |