Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between lenders and senior loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a lender and a senior loan processor. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $37,723 average annual salary of a lender.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a senior loan processor are customer service, FHA, and va.
| Lender | Senior Loan Processor | |
| Yearly salary | $37,723 | $50,297 |
| Hourly rate | $18.14 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 50% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
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.
Lenders and senior loan processors have different pay scales, as shown below.
| Lender | Senior Loan Processor | |
| Average salary | $37,723 | $50,297 |
| Salary range | Between $25,000 And $55,000 | Between $33,000 And $75,000 |
| Highest paying City | Seattle, WA | Baltimore, MD |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Citi | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a lender and a senior loan processor in terms of educational background:
| Lender | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and senior loan processors' demographics:
| Lender | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 23.0% Female, 77.0% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% American Indian and Alaska Native, 0.5% | 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 | 8% | 8% |