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The differences between commercial lenders 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 commercial lender and a senior loan processor. Additionally, a commercial lender has an average salary of $74,995, which is higher than the $50,297 average annual salary of a senior loan processor.
The top three skills for a commercial lender include commercial loans, customer relationships and loan applications. The most important skills for a senior loan processor are customer service, FHA, and va.
| Commercial Lender | Senior Loan Processor | |
| Yearly salary | $74,995 | $50,297 |
| Hourly rate | $36.06 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 27,016 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 50% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A commercial lender is in charge of handling and processing business loan applications, ensuring accuracy and smooth workflow. Their responsibilities typically revolve around liaising with company representatives to identify their needs, gathering and verifying applications, providing consultations and recommendations, and negotiating contracts and payment arrangements. They must also keep track of all amendments and processes, maintaining records of all transactions. Furthermore, as a commercial lender, it is essential to build positive relationships with clients, all while adhering to the company's policies and regulations.
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.
Commercial lenders and senior loan processors have different pay scales, as shown below.
| Commercial Lender | Senior Loan Processor | |
| Average salary | $74,995 | $50,297 |
| Salary range | Between $54,000 And $102,000 | Between $33,000 And $75,000 |
| Highest paying City | San Antonio, TX | Baltimore, MD |
| Highest paying state | Washington | Hawaii |
| Best paying company | IBC Bank | Accenture |
| Best paying industry | Professional | Professional |
There are a few differences between a commercial lender and a senior loan processor in terms of educational background:
| Commercial Lender | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lenders' and senior loan processors' demographics:
| Commercial Lender | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 72.7% Female, 27.3% | Male, 23.0% Female, 77.0% |
| Race ratio | Black or African American, 10.5% Unknown, 4.7% Hispanic or Latino, 13.9% Asian, 5.9% White, 64.5% 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% |