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The differences between loan officers assistant and loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer assistant, becoming a loan processor takes usually requires 2-4 years. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Loan Officer Assistant | Loan Processor | |
| Yearly salary | $45,681 | $38,122 |
| Hourly rate | $21.96 | $18.33 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 16,228 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 46% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
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 officers assistant and loan processors have different pay scales, as shown below.
| Loan Officer Assistant | Loan Processor | |
| Average salary | $45,681 | $38,122 |
| Salary range | Between $28,000 And $72,000 | Between $28,000 And $50,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | West Virginia |
| Best paying company | Stifel Financial | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a loan processor in terms of educational background:
| Loan Officer Assistant | Loan Processor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan processors' demographics:
| Loan Officer Assistant | Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% 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 | 8% | 7% |