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The differences between escrow officers 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 an escrow officer and a senior loan processor. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $50,270 average annual salary of an escrow officer.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a senior loan processor are customer service, FHA, and va.
| Escrow Officer | Senior Loan Processor | |
| Yearly salary | $50,270 | $50,297 |
| Hourly rate | $24.17 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 50% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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 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.
Escrow officers and senior loan processors have different pay scales, as shown below.
| Escrow Officer | Senior Loan Processor | |
| Average salary | $50,270 | $50,297 |
| Salary range | Between $36,000 And $70,000 | Between $33,000 And $75,000 |
| Highest paying City | Walnut Creek, CA | Baltimore, MD |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Fidelity National Financial | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between an escrow officer and a senior loan processor in terms of educational background:
| Escrow Officer | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and senior loan processors' demographics:
| Escrow Officer | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 23.0% Female, 77.0% |
| 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, 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% |