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The differences between senior loan officers and loan managers 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 manager. Additionally, a loan manager has an average salary of $39,623, 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 manager are loan applications, customer service, and real estate.
| Senior Loan Officer | Loan Manager | |
| Yearly salary | $37,162 | $39,623 |
| Hourly rate | $17.87 | $19.05 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 11,965 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 59% |
| 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 manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Senior loan officers and loan managers have different pay scales, as shown below.
| Senior Loan Officer | Loan Manager | |
| Average salary | $37,162 | $39,623 |
| Salary range | Between $29,000 And $46,000 | Between $27,000 And $58,000 |
| Highest paying City | Miami, FL | Jersey City, NJ |
| Highest paying state | Hawaii | New Jersey |
| Best paying company | Salal Credit Union | Pacific Investment Management Company LLC |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a loan manager in terms of educational background:
| Senior Loan Officer | Loan Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and loan managers' demographics:
| Senior Loan Officer | Loan Manager | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 46.5% Female, 53.5% |
| 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% |