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The differences between escrow officers and loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become an escrow officer, becoming a loan processor takes usually requires 2-4 years. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Escrow Officer | Loan Processor | |
| Yearly salary | $50,270 | $38,122 |
| Hourly rate | $24.17 | $18.33 |
| Growth rate | 4% | -3% |
| Number of jobs | 62,077 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 46% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Escrow officers and loan processors have different pay scales, as shown below.
| Escrow Officer | Loan Processor | |
| Average salary | $50,270 | $38,122 |
| Salary range | Between $36,000 And $70,000 | Between $28,000 And $50,000 |
| Highest paying City | Walnut Creek, CA | San Francisco, CA |
| Highest paying state | New Mexico | West Virginia |
| Best paying company | Fidelity National Financial | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between an escrow officer and a loan processor in terms of educational background:
| Escrow Officer | Loan Processor | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and loan processors' demographics:
| Escrow Officer | Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |