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The differences between branch lending officers and senior loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a branch lending officer and a senior loan processor. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $46,615 average annual salary of a branch lending officer.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a senior loan processor are customer service, FHA, and va.
| Branch Lending Officer | Senior Loan Processor | |
| Yearly salary | $46,615 | $50,297 |
| Hourly rate | $22.41 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 50% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A branch lending officer is typically in charge of processing loan applications, ensuring accuracy and smooth workflow. Their responsibilities revolve around liaising with clients to identify their needs, conducting interviews and assessments, gathering and reviewing requirements, and coordinating with analysts and other staff. They may also perform clerical tasks such as answering calls and correspondence, arranging appointments, and maintaining records of all transactions. Furthermore, as a branch lending officer, it is essential to provide efficient customer service, all while adhering to the company's policies and regulations, including its vision and mission.
A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Branch lending officers and senior loan processors have different pay scales, as shown below.
| Branch Lending Officer | Senior Loan Processor | |
| Average salary | $46,615 | $50,297 |
| Salary range | Between $29,000 And $73,000 | Between $33,000 And $75,000 |
| Highest paying City | Saint Cloud, MN | Baltimore, MD |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Citi | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a branch lending officer and a senior loan processor in terms of educational background:
| Branch Lending Officer | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and senior loan processors' demographics:
| Branch Lending Officer | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 23.0% Female, 77.0% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |