Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan officers and loan officers assistant 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 officer assistant. Additionally, a loan officer assistant has an average salary of $45,681, 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 officer assistant are customer service, origination, and loan process.
| Senior Loan Officer | Loan Officer Assistant | |
| Yearly salary | $37,162 | $45,681 |
| Hourly rate | $17.87 | $21.96 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 65,094 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 53% |
| 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.
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
Senior loan officers and loan officers assistant have different pay scales, as shown below.
| Senior Loan Officer | Loan Officer Assistant | |
| Average salary | $37,162 | $45,681 |
| Salary range | Between $29,000 And $46,000 | Between $28,000 And $72,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Salal Credit Union | Stifel Financial |
| Best paying industry | Finance | Finance |
There are a few differences between a senior loan officer and a loan officer assistant in terms of educational background:
| Senior Loan Officer | Loan Officer Assistant | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | SUNY at Binghamton |
Here are the differences between senior loan officers' and loan officers assistant' demographics:
| Senior Loan Officer | Loan Officer Assistant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 28.8% Female, 71.2% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |