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The differences between senior loan officers and loan analysts 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 analyst. Additionally, a loan analyst has an average salary of $37,857, 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 analyst are loan documentation, customer service, and real estate.
| Senior Loan Officer | Loan Analyst | |
| Yearly salary | $37,162 | $37,857 |
| Hourly rate | $17.87 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 24,756 |
| 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 loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Senior loan officers and loan analysts have different pay scales, as shown below.
| Senior Loan Officer | Loan Analyst | |
| Average salary | $37,162 | $37,857 |
| Salary range | Between $29,000 And $46,000 | Between $24,000 And $58,000 |
| Highest paying City | Miami, FL | Raleigh, NC |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | Salal Credit Union | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a loan analyst in terms of educational background:
| Senior Loan Officer | Loan Analyst | |
| 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 loan analysts' demographics:
| Senior Loan Officer | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 43.2% Female, 56.8% |
| 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, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |