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The differences between loan officers/loan processor and senior loan processors 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 processor. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $46,753 average annual salary of a loan officer/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 senior loan processor are customer service, FHA, and va.
| Loan Officer/Loan Processor | Senior Loan Processor | |
| Yearly salary | $46,753 | $50,297 |
| Hourly rate | $22.48 | $24.18 |
| Growth rate | 4% | 4% |
| Number of jobs | 71,801 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| 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 processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Loan officers/loan processor and senior loan processors have different pay scales, as shown below.
| Loan Officer/Loan Processor | Senior Loan Processor | |
| Average salary | $46,753 | $50,297 |
| Salary range | Between $28,000 And $76,000 | Between $33,000 And $75,000 |
| Highest paying City | Columbia, MD | Baltimore, MD |
| Highest paying state | New Jersey | Hawaii |
| Best paying company | Xerox | Accenture |
| Best paying industry | Automotive | Professional |
There are a few differences between a loan officer/loan processor and a senior loan processor in terms of educational background:
| Loan Officer/Loan Processor | Senior 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 senior loan processors' demographics:
| Loan Officer/Loan Processor | Senior Loan Processor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 23.0% Female, 77.0% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |