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The differences between loan officers/loan processor and loan officers 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 officer. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a loan officer are customer service, origination, and loan origination.
| Loan Officer/Loan Processor | Loan Officer | |
| Yearly salary | $46,753 | $45,817 |
| Hourly rate | $22.48 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Loan officers/loan processor and loan officers have different pay scales, as shown below.
| Loan Officer/Loan Processor | Loan Officer | |
| Average salary | $46,753 | $45,817 |
| Salary range | Between $28,000 And $76,000 | Between $30,000 And $69,000 |
| Highest paying City | Columbia, MD | New York, NY |
| Highest paying state | New Jersey | New York |
| Best paying company | Xerox | Bangor Savings Bank |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a loan officer in terms of educational background:
| Loan Officer/Loan Processor | Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| 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 officers' demographics:
| Loan Officer/Loan Processor | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |