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The differences between loan officers/loan processor and loan administrators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan officer/loan processor and a loan administrator. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Loan Officer/Loan Processor | Loan Administrator | |
| Yearly salary | $46,753 | $42,859 |
| Hourly rate | $22.48 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 58% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan officers/loan processor and loan administrators have different pay scales, as shown below.
| Loan Officer/Loan Processor | Loan Administrator | |
| Average salary | $46,753 | $42,859 |
| Salary range | Between $28,000 And $76,000 | Between $31,000 And $59,000 |
| Highest paying City | Columbia, MD | Seattle, WA |
| Highest paying state | New Jersey | Hawaii |
| Best paying company | Xerox | BNY Mellon |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a loan administrator in terms of educational background:
| Loan Officer/Loan Processor | Loan Administrator | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers/loan processor' and loan administrators' demographics:
| Loan Officer/Loan Processor | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 23.2% Female, 76.8% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.5% White, 62.9% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |