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The differences between loan officers/loan processor 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/loan processor, becoming a mortgage loan processor takes usually requires 2-4 years. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $43,594 average annual salary of a mortgage loan processor.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a mortgage loan processor are customer service, FHA, and va.
| Loan Officer/Loan Processor | Mortgage Loan Processor | |
| Yearly salary | $46,753 | $43,594 |
| Hourly rate | $22.48 | $20.96 |
| Growth rate | 4% | -3% |
| Number of jobs | 71,801 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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 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/loan processor and mortgage loan processors have different pay scales, as shown below.
| Loan Officer/Loan Processor | Mortgage Loan Processor | |
| Average salary | $46,753 | $43,594 |
| Salary range | Between $28,000 And $76,000 | Between $33,000 And $57,000 |
| Highest paying City | Columbia, MD | San Francisco, CA |
| Highest paying state | New Jersey | Massachusetts |
| Best paying company | Xerox | Amplify Credit Union |
| Best paying industry | Automotive | Professional |
There are a few differences between a loan officer/loan processor and a mortgage loan processor in terms of educational background:
| Loan Officer/Loan Processor | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers/loan processor' and mortgage loan processors' demographics:
| Loan Officer/Loan Processor | Mortgage Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 21.7% Female, 78.3% |
| 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, 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% |