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The differences between senior loan officers and loan originators 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 originator. Additionally, a loan originator has an average salary of $41,291, 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 originator are customer service, origination, and FHA.
| Senior Loan Officer | Loan Originator | |
| Yearly salary | $37,162 | $41,291 |
| Hourly rate | $17.87 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Senior loan officers and loan originators have different pay scales, as shown below.
| Senior Loan Officer | Loan Originator | |
| Average salary | $37,162 | $41,291 |
| Salary range | Between $29,000 And $46,000 | Between $28,000 And $60,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | Salal Credit Union | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a senior loan officer and a loan originator in terms of educational background:
| Senior Loan Officer | Loan Originator | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and loan originators' demographics:
| Senior Loan Officer | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |