Contract processor vs loan processor

The differences between contract processors and loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a contract processor, becoming a loan processor takes usually requires 2-4 years. Additionally, a loan processor has an average salary of $38,122, which is higher than the $35,234 average annual salary of a contract processor.

The top three skills for a contract processor include data entry, computer system and contract data. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Contract processor vs loan processor overview

	Contract Processor	Loan Processor
Yearly salary	$35,234	$38,122
Hourly rate	$16.94	$18.33
Growth rate	-3%	-3%
Number of jobs	13,996	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 46%
Average age	50	42
Years of experience	12	4

Contract processor vs loan processor salary

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

	Contract Processor	Loan Processor
Average salary	$35,234	$38,122
Salary range	Between $27,000 And $45,000	Between $28,000 And $50,000
Highest paying City	-	San Francisco, CA
Highest paying state	-	West Virginia
Best paying company	-	Stanford University
Best paying industry	-	Finance

Differences between contract processor and loan processor education

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

	Contract Processor	Loan Processor
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Contract processor vs loan processor demographics

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

	Contract Processor	Loan Processor
Average age	50	42
Gender ratio	Male, 28.2% Female, 71.8%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1%	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 contract processor and loan processor duties and responsibilities

Contract processor example responsibilities.

Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
Process FHA, VA and CONV.
Process and pre-underwrite FHA and conventional loans.
Schedule closings and review final HUD report and any adverse compliance action.
Recognize for being proficient in thinking outside the box for satisfactory documentation to clear underwriting conditions and RESPA regulations.
Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.

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.

Contract processor vs loan processor skills

Common contract processor skills

Data Entry, 24%
Computer System, 14%
Contract Data, 9%
Process Contracts, 9%
Customer Issues, 7%
Financial Transactions, 6%

Common loan processor skills

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