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The differences between loan advisers 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 loan adviser and a senior loan processor. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $40,365 average annual salary of a loan adviser.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a senior loan processor are customer service, FHA, and va.
| Loan Adviser | Senior Loan Processor | |
| Yearly salary | $40,365 | $50,297 |
| Hourly rate | $19.41 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 50% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
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.
Loan advisers and senior loan processors have different pay scales, as shown below.
| Loan Adviser | Senior Loan Processor | |
| Average salary | $40,365 | $50,297 |
| Salary range | Between $28,000 And $56,000 | 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 loan adviser and a senior loan processor in terms of educational background:
| Loan Adviser | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and senior loan processors' demographics:
| Loan Adviser | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 23.0% Female, 77.0% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |