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The differences between junior processors and mortgage 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 mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Junior Processor | Mortgage Loan Processor | |
| Yearly salary | $33,371 | $43,594 |
| Hourly rate | $16.04 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 50% |
| 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 mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Junior processors and mortgage loan processors have different pay scales, as shown below.
| Junior Processor | Mortgage Loan Processor | |
| Average salary | $33,371 | $43,594 |
| Salary range | Between $26,000 And $41,000 | Between $33,000 And $57,000 |
| Highest paying City | - | San Francisco, CA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | Amplify Credit Union |
| Best paying industry | - | Professional |
There are a few differences between a junior processor and a mortgage loan processor in terms of educational background:
| Junior Processor | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and mortgage loan processors' demographics:
| Junior Processor | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 21.7% Female, 78.3% |
| 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, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |