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The differences between loan officers/loan processor and senior 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 senior loan officer. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $37,162 average annual salary of a senior 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 senior loan officer are customer service, loan applications, and origination.
| Loan Officer/Loan Processor | Senior Loan Officer | |
| Yearly salary | $46,753 | $37,162 |
| Hourly rate | $22.48 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 65,807 |
| 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 senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Loan officers/loan processor and senior loan officers have different pay scales, as shown below.
| Loan Officer/Loan Processor | Senior Loan Officer | |
| Average salary | $46,753 | $37,162 |
| Salary range | Between $28,000 And $76,000 | Between $29,000 And $46,000 |
| Highest paying City | Columbia, MD | Miami, FL |
| Highest paying state | New Jersey | Hawaii |
| Best paying company | Xerox | Salal Credit Union |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a senior loan officer in terms of educational background:
| Loan Officer/Loan Processor | Senior Loan Officer | |
| 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 senior loan officers' demographics:
| Loan Officer/Loan Processor | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 69.4% Female, 30.6% |
| 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% |