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The differences between loan officers assistant and mortgage 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 mortgage 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 $43,594 average annual salary of a mortgage loan processor.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a mortgage loan processor are customer service, FHA, and va.
| Loan Officer Assistant | Mortgage Loan Processor | |
| Yearly salary | $45,681 | $43,594 |
| Hourly rate | $21.96 | $20.96 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 16,276 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 50% |
| 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 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 officers assistant and mortgage loan processors have different pay scales, as shown below.
| Loan Officer Assistant | Mortgage Loan Processor | |
| Average salary | $45,681 | $43,594 |
| Salary range | Between $28,000 And $72,000 | Between $33,000 And $57,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | Massachusetts |
| Best paying company | Stifel Financial | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a loan officer assistant and a mortgage loan processor in terms of educational background:
| Loan Officer Assistant | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and mortgage loan processors' demographics:
| Loan Officer Assistant | Mortgage Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 21.7% Female, 78.3% |
| 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, 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 | 8% | 7% |