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The differences between junior processors and loan servicing specialists 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 servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, 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 servicing specialist are loan modifications, customer service, and foreclosure process.
| Junior Processor | Loan Servicing Specialist | |
| Yearly salary | $33,371 | $65,799 |
| Hourly rate | $16.04 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 55% |
| 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 servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Junior processors and loan servicing specialists have different pay scales, as shown below.
| Junior Processor | Loan Servicing Specialist | |
| Average salary | $33,371 | $65,799 |
| Salary range | Between $26,000 And $41,000 | Between $28,000 And $153,000 |
| Highest paying City | - | Charleston, SC |
| Highest paying state | - | Maryland |
| Best paying company | - | Glacier Ban |
| Best paying industry | - | Finance |
There are a few differences between a junior processor and a loan servicing specialist in terms of educational background:
| Junior Processor | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and loan servicing specialists' demographics:
| Junior Processor | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 32.2% Female, 67.8% |
| 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, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |