Credit processor vs loan processor

The differences between credit processors and loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 3-6 months to become a credit 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 $31,890 average annual salary of a credit processor.

The top three skills for a credit processor include data entry, customer service and financial statements. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Credit processor vs loan processor overview

	Credit Processor	Loan Processor
Yearly salary	$31,890	$38,122
Hourly rate	$15.33	$18.33
Growth rate	-3%	-3%
Number of jobs	11,088	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 46%
Average age	44	42
Years of experience	6	4

Credit processor vs loan processor salary

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

	Credit Processor	Loan Processor
Average salary	$31,890	$38,122
Salary range	Between $26,000 And $38,000	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 credit processor and loan processor education

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

	Credit 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

Credit processor vs loan processor demographics

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

	Credit Processor	Loan Processor
Average age	44	42
Gender ratio	Male, 25.3% Female, 74.7%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 9.8% Unknown, 3.9% Hispanic or Latino, 17.4% Asian, 4.0% White, 64.4% American Indian and Alaska Native, 0.6%	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	9%	7%

Differences between credit processor and loan processor duties and responsibilities

Credit processor example responsibilities.

Manage accounting operations, accounting close, account reporting and reconciliations.
Obtain credit reports, run background checks
Review specific lender guidelines for conventional, FHA and VA refinance/purchase transactions.
Analyze personal credit reports and Dunn & Bradstreet business credit reports.
Review closing agents' packages after closing, wire funds and review HUD-1 documents.
Verify all documentation meets FHA guidelines and regulations.

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.

Credit processor vs loan processor skills

Common credit processor skills

Data Entry, 16%
Customer Service, 15%
Financial Statements, 6%
Credit Card Processing, 5%
Credit Card Payments, 5%
Credit Bureaus, 4%

Common loan processor skills

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