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The differences between junior loan 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 a junior loan officer, becoming a loan processor takes usually requires 2-4 years. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Junior Loan Officer | Loan Processor | |
| Yearly salary | $39,006 | $38,122 |
| Hourly rate | $18.75 | $18.33 |
| Growth rate | 4% | -3% |
| Number of jobs | 72,136 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 46% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
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.
Junior loan officers and loan processors have different pay scales, as shown below.
| Junior Loan Officer | Loan Processor | |
| Average salary | $39,006 | $38,122 |
| Salary range | Between $28,000 And $53,000 | Between $28,000 And $50,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | West Virginia |
| Best paying company | Carnival Cruise Line | Stanford University |
| Best paying industry | Professional | Finance |
There are a few differences between a junior loan officer and a loan processor in terms of educational background:
| Junior Loan Officer | Loan Processor | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and loan processors' demographics:
| Junior Loan Officer | Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% 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% |