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The differences between loan officers/loan processor and mortgage 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 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 $40,527 average annual salary of a mortgage 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 processor are customer service, FHA, and va.
| Loan Officer/Loan Processor | Mortgage Processor | |
| Yearly salary | $46,753 | $40,527 |
| Hourly rate | $22.48 | $19.48 |
| Growth rate | 4% | -3% |
| Number of jobs | 71,801 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| 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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Loan officers/loan processor and mortgage processors have different pay scales, as shown below.
| Loan Officer/Loan Processor | Mortgage Processor | |
| Average salary | $46,753 | $40,527 |
| Salary range | Between $28,000 And $76,000 | Between $31,000 And $52,000 |
| Highest paying City | Columbia, MD | Phoenix, AZ |
| Highest paying state | New Jersey | Arizona |
| Best paying company | Xerox | CyberCoders |
| Best paying industry | Automotive | Professional |
There are a few differences between a loan officer/loan processor and a mortgage processor in terms of educational background:
| Loan Officer/Loan Processor | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| 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 processors' demographics:
| Loan Officer/Loan Processor | Mortgage Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |