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The differences between loan officers/loan processor and loan analysts 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 analyst. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Officer/Loan Processor | Loan Analyst | |
| Yearly salary | $46,753 | $37,857 |
| Hourly rate | $22.48 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan officers/loan processor and loan analysts have different pay scales, as shown below.
| Loan Officer/Loan Processor | Loan Analyst | |
| Average salary | $46,753 | $37,857 |
| Salary range | Between $28,000 And $76,000 | Between $24,000 And $58,000 |
| Highest paying City | Columbia, MD | Raleigh, NC |
| Highest paying state | New Jersey | South Dakota |
| Best paying company | Xerox | Barclays |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a loan analyst in terms of educational background:
| Loan Officer/Loan Processor | Loan Analyst | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| 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 analysts' demographics:
| Loan Officer/Loan Processor | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |