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The differences between loan assistants and 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 loan assistant and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Loan Assistant | Loan Processor | |
| Yearly salary | $36,962 | $38,122 |
| Hourly rate | $17.77 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 46% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Loan assistants and loan processors have different pay scales, as shown below.
| Loan Assistant | Loan Processor | |
| Average salary | $36,962 | $38,122 |
| Salary range | Between $28,000 And $47,000 | Between $28,000 And $50,000 |
| Highest paying City | Olympia, WA | San Francisco, CA |
| Highest paying state | Washington | West Virginia |
| Best paying company | University of California, Berkeley | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan processor in terms of educational background:
| Loan Assistant | Loan Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan processors' demographics:
| Loan Assistant | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |