Contract processor vs processor

The differences between contract processors and processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a contract processor and a processor. Additionally, a contract processor has an average salary of $35,234, which is higher than the $32,098 average annual salary of a processor.

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

Contract processor vs processor overview

	Contract Processor	Processor
Yearly salary	$35,234	$32,098
Hourly rate	$16.94	$15.43
Growth rate	-3%	-3%
Number of jobs	13,996	11,448
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 35%
Average age	50	50
Years of experience	12	12

Contract processor vs processor salary

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

	Contract Processor	Processor
Average salary	$35,234	$32,098
Salary range	Between $27,000 And $45,000	Between $24,000 And $41,000
Highest paying City	-	Randolph, MA
Highest paying state	-	California
Best paying company	-	Argonne National Laboratory
Best paying industry	-	Finance

Differences between contract processor and processor education

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

	Contract Processor	Processor
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	-	-

Contract processor vs processor demographics

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

	Contract Processor	Processor
Average age	50	50
Gender ratio	Male, 28.2% Female, 71.8%	Male, 34.0% Female, 66.0%
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, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1%
LGBT Percentage	7%	7%

Differences between contract processor and 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.

Processor example responsibilities.

Manage the project schedule and design the PowerPoint presentation.
Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
Manage the ordering of homeowner's association estoppel letters for payoffs; as well as surveys and clear lien searches.
Obtain title policies and process title claims to expedite REO closings and obtain clear title to properties in numerous states.
Mail clerk, stamp, open, count mail and match checks with EOB 's

Contract processor vs 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 processor skills

Data Entry, 19%
Customer Service, 18%
Patients, 11%
Standard Operating Procedure, 6%
Strong Customer Service, 5%
Bank Deposits, 5%