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The differences between loan assistants and mortgage 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 processor. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Loan Assistant | Mortgage Processor | |
| Yearly salary | $36,962 | $40,527 |
| Hourly rate | $17.77 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 52% |
| 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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Loan assistants and mortgage processors have different pay scales, as shown below.
| Loan Assistant | Mortgage Processor | |
| Average salary | $36,962 | $40,527 |
| Salary range | Between $28,000 And $47,000 | Between $31,000 And $52,000 |
| Highest paying City | Olympia, WA | Phoenix, AZ |
| Highest paying state | Washington | Arizona |
| Best paying company | University of California, Berkeley | CyberCoders |
| Best paying industry | Finance | Professional |
There are a few differences between a loan assistant and a mortgage processor in terms of educational background:
| Loan Assistant | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and mortgage processors' demographics:
| Loan Assistant | Mortgage Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |