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The differences between junior processors and loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a junior processor and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $33,371 average annual salary of a junior processor.
The top three skills for a junior processor include mortgage loans, loan applications and appraisal orders. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Junior Processor | Loan Processor | |
| Yearly salary | $33,371 | $38,122 |
| Hourly rate | $16.04 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 46% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A junior processor is responsible for assessing a loan applicant's information to determine whether they are eligible to obtain a loan. This includes examining the assets submitted by the applicant, considering whether the loan is viable, and determining if the applicant is capable of paying. They also explain the terms and conditions set by the lending company. After assessment, they forward the loan applicant's details to the loan committee for appropriate action, which could be approval or disapproval.
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 processors and loan processors have different pay scales, as shown below.
| Junior Processor | Loan Processor | |
| Average salary | $33,371 | $38,122 |
| Salary range | Between $26,000 And $41,000 | 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 |
There are a few differences between a junior processor and a loan processor in terms of educational background:
| Junior Processor | Loan Processor | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and loan processors' demographics:
| Junior Processor | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 12.4% Unknown, 4.2% Hispanic or Latino, 18.5% Asian, 6.6% White, 57.9% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |