Application processor vs loan processor

The differences between application processors and loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an application processor and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $32,435 average annual salary of an application processor.

The top three skills for an application processor include data entry, loan applications and application processing. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Application processor vs loan processor overview

	Application Processor	Loan Processor
Yearly salary	$32,435	$38,122
Hourly rate	$15.59	$18.33
Growth rate	-3%	-3%
Number of jobs	20,859	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 46%
Average age	42	42
Years of experience	4	4

Application processor vs loan processor salary

Application processors and loan processors have different pay scales, as shown below.

	Application Processor	Loan Processor
Average salary	$32,435	$38,122
Salary range	Between $27,000 And $38,000	Between $28,000 And $50,000
Highest paying City	Santa Rosa, CA	San Francisco, CA
Highest paying state	West Virginia	West Virginia
Best paying company	PSECU	Stanford University
Best paying industry	Manufacturing	Finance

Differences between application processor and loan processor education

There are a few differences between an application processor and a loan processor in terms of educational background:

	Application Processor	Loan Processor
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Application processor vs loan processor demographics

Here are the differences between application processors' and loan processors' demographics:

	Application Processor	Loan Processor
Average age	42	42
Gender ratio	Male, 25.2% Female, 74.8%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 13.6% Unknown, 4.3% Hispanic or Latino, 13.3% Asian, 7.2% White, 61.2% American Indian and Alaska Native, 0.4%	Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4%
LGBT Percentage	7%	7%

Differences between application processor and loan processor duties and responsibilities

Application processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Execute the origination process, including ordering credit reports, appraisals and preliminary title reports.
Work in mailroom sorting mail by zip codes.
Maintain A/P, A/R, and report payroll.
Participate in specialty functions of all aspects of the mailroom.
Utilize PeopleSoft and OnBase programs to classify and index data.

Loan processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Review and verify documentation consistent with company policies and compliance of FNMA, FHLMC, FHA/VA, USDA guidelines.
Gather all documentation necessary to process mortgage loans in accordance with FNMA and credit union guidelines/requirements.
Disclose and re-disclose the LE's and Prelim TRID require CD.
Upload monthly reports to FHLMC including principal & interest reports, delinquent loans and appraisals.
Ensure conditions on USDA commitments are met and loan files are prepared for closing on time.

Application processor vs loan processor skills

Common application processor skills

Data Entry, 32%
Loan Applications, 9%
Application Processing, 8%
Medicaid, 6%
Customer Accounts, 5%
Origination, 4%

Common loan processor skills

Loan Applications, 22%
Customer Service, 20%
Property Appraisals, 5%
Mortgage Loans, 5%
Credit Reports, 5%
FHA, 4%