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The differences between loan assistants 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 loan assistant and a mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Loan Assistant | Mortgage Loan Processor | |
| Yearly salary | $36,962 | $43,594 |
| Hourly rate | $17.77 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| 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 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.
Loan assistants and mortgage loan processors have different pay scales, as shown below.
| Loan Assistant | Mortgage Loan Processor | |
| Average salary | $36,962 | $43,594 |
| Salary range | Between $28,000 And $47,000 | Between $33,000 And $57,000 |
| Highest paying City | Olympia, WA | San Francisco, CA |
| Highest paying state | Washington | Massachusetts |
| Best paying company | University of California, Berkeley | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a loan assistant and a mortgage loan processor in terms of educational background:
| Loan Assistant | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and mortgage loan processors' demographics:
| Loan Assistant | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 21.7% Female, 78.3% |
| 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, 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% |