Loan clerk vs loan processor

The differences between loan clerks 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 clerk and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $26,552 average annual salary of a loan clerk.

The top three skills for a loan clerk include customer service, loan payments and financial data. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Loan clerk vs loan processor overview

	Loan Clerk	Loan Processor
Yearly salary	$26,552	$38,122
Hourly rate	$12.77	$18.33
Growth rate	-3%	-3%
Number of jobs	75,101	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 46%
Average age	42	42
Years of experience	4	4

Loan clerk vs loan processor salary

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

	Loan Clerk	Loan Processor
Average salary	$26,552	$38,122
Salary range	Between $19,000 And $35,000	Between $28,000 And $50,000
Highest paying City	Newark, NJ	San Francisco, CA
Highest paying state	California	West Virginia
Best paying company	UFCU	Stanford University
Best paying industry	Finance	Finance

Differences between loan clerk and loan processor education

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

	Loan Clerk	Loan Processor
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan clerk vs loan processor demographics

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

	Loan Clerk	Loan Processor
Average age	42	42
Gender ratio	Male, 16.9% Female, 83.1%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% American Indian and Alaska Native, 0.5%	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 clerk and loan processor duties and responsibilities

Loan clerk example responsibilities.

Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Monitor UCC filings and updates.
Prepare SBA loans using WordPrefect.
Record UCC filings on-line and by mail.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Work with HUD the VA and FHA to make sure all requirements are completed.

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 clerk vs loan processor skills

Common loan clerk skills

Customer Service, 22%
Loan Payments, 12%
Financial Data, 10%
Mortgage Loans, 5%
Credit Reports, 4%
General Ledger Accounts, 3%

Common loan processor skills

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