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The differences between senior loan officers and mortgage bankers 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 mortgage banker. Additionally, a senior loan officer has an average salary of $37,162, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a senior loan officer include customer service, loan applications and origination. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Senior Loan Officer | Mortgage Banker | |
| Yearly salary | $37,162 | $27,331 |
| Hourly rate | $17.87 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Senior loan officers and mortgage bankers have different pay scales, as shown below.
| Senior Loan Officer | Mortgage Banker | |
| Average salary | $37,162 | $27,331 |
| Salary range | Between $29,000 And $46,000 | Between $9,000 And $78,000 |
| 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 mortgage banker in terms of educational background:
| Senior Loan Officer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and mortgage bankers' demographics:
| Senior Loan Officer | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |