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The differences between junior processors and senior loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a junior processor, becoming a senior loan processor takes usually requires 4-6 years. Additionally, a senior loan processor has an average salary of $50,297, 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 senior loan processor are customer service, FHA, and va.
| Junior Processor | Senior Loan Processor | |
| Yearly salary | $33,371 | $50,297 |
| Hourly rate | $16.04 | $24.18 |
| Growth rate | -3% | 4% |
| Number of jobs | 17,036 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 50% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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 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.
Junior processors and senior loan processors have different pay scales, as shown below.
| Junior Processor | Senior Loan Processor | |
| Average salary | $33,371 | $50,297 |
| Salary range | Between $26,000 And $41,000 | Between $33,000 And $75,000 |
| Highest paying City | - | Baltimore, MD |
| Highest paying state | - | Hawaii |
| Best paying company | - | Accenture |
| Best paying industry | - | Professional |
There are a few differences between a junior processor and a senior loan processor in terms of educational background:
| Junior Processor | Senior 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 senior loan processors' demographics:
| Junior Processor | Senior Loan Processor | |
| Average age | 42 | 45 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 23.0% Female, 77.0% |
| 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, 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 | 7% | 8% |