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The differences between loan officers/loan processor and 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 processor takes usually requires 6-12 months. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $32,098 average annual salary of a processor.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a processor are data entry, customer service, and patients.
| Loan Officer/Loan Processor | Processor | |
| Yearly salary | $46,753 | $32,098 |
| Hourly rate | $22.48 | $15.43 |
| Growth rate | 4% | -3% |
| Number of jobs | 71,801 | 11,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 35% |
| Average age | 45 | 50 |
| Years of experience | 6 | 12 |
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.
Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.
Loan officers/loan processor and processors have different pay scales, as shown below.
| Loan Officer/Loan Processor | Processor | |
| Average salary | $46,753 | $32,098 |
| Salary range | Between $28,000 And $76,000 | Between $24,000 And $41,000 |
| Highest paying City | Columbia, MD | Randolph, MA |
| Highest paying state | New Jersey | California |
| Best paying company | Xerox | Argonne National Laboratory |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a processor in terms of educational background:
| Loan Officer/Loan Processor | Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan officers/loan processor' and processors' demographics:
| Loan Officer/Loan Processor | Processor | |
| Average age | 45 | 50 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 34.0% Female, 66.0% |
| 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, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1% |
| LGBT Percentage | 8% | 7% |