Loan auditor vs loan processor

The differences between loan auditors 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 auditor and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $37,716 average annual salary of a loan auditor.

The top three skills for a loan auditor include audit findings, FHA and va. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Loan auditor vs loan processor overview

	Loan Auditor	Loan Processor
Yearly salary	$37,716	$38,122
Hourly rate	$18.13	$18.33
Growth rate	-3%	-3%
Number of jobs	26,869	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 46%
Average age	42	42
Years of experience	4	4

Loan auditor vs loan processor salary

Loan auditors and loan processors have different pay scales, as shown below.

	Loan Auditor	Loan Processor
Average salary	$37,716	$38,122
Salary range	Between $29,000 And $47,000	Between $28,000 And $50,000
Highest paying City	-	San Francisco, CA
Highest paying state	-	West Virginia
Best paying company	-	Stanford University
Best paying industry	-	Finance

Differences between loan auditor and loan processor education

There are a few differences between a loan auditor and a loan processor in terms of educational background:

	Loan Auditor	Loan Processor
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan auditor vs loan processor demographics

Here are the differences between loan auditors' and loan processors' demographics:

	Loan Auditor	Loan Processor
Average age	42	42
Gender ratio	Male, 32.4% Female, 67.6%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 12.8% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 6.7% White, 59.1% 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%

Differences between loan auditor and loan processor duties and responsibilities

Loan auditor example responsibilities.

Manage the organization's HMDA data and accurately complete the government reporting annually.
Research and respond to questions from FHA, VA and conventional loan lenders.
Review the HUD-1 settlement statement RESPA disclosures are properly execute with the settlement and disbursement dates, and fees is correct.
Review the VA loan analysis against the system for accuracy.
Work on FHA deals that require in-depth knowledge of special guidelines.
Produce accurately audit loan package properly identifying loan defects, paying particular attention to RESPA, HUD & GFE guidelines.

Loan processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Review and verify documentation consistent with company policies and compliance of FNMA, FHLMC, FHA/VA, USDA guidelines.
Gather all documentation necessary to process mortgage loans in accordance with FNMA and credit union guidelines/requirements.
Disclose and re-disclose the LE's and Prelim TRID require CD.
Upload monthly reports to FHLMC including principal & interest reports, delinquent loans and appraisals.
Ensure conditions on USDA commitments are met and loan files are prepared for closing on time.

Loan auditor vs loan processor skills

Common loan auditor skills

Audit Findings, 28%
FHA, 6%
Va, 6%
Real Estate, 5%
State Regulations, 4%
Federal Regulations, 4%

Common loan processor skills

Loan Applications, 22%
Customer Service, 20%
Property Appraisals, 5%
Mortgage Loans, 5%
Credit Reports, 5%
FHA, 4%