Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan processors and document processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan processor, becoming a document processor takes usually requires 6-12 months. Additionally, a loan processor has an average salary of $38,122, which is higher than the $32,730 average annual salary of a document processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a document processor are data entry, quality standards, and real estate.
| Loan Processor | Document Processor | |
| Yearly salary | $38,122 | $32,730 |
| Hourly rate | $18.33 | $15.74 |
| Growth rate | -3% | - |
| Number of jobs | 16,228 | 8,761 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 35% |
| Average age | 42 | 50 |
| Years of experience | 4 | 12 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Document processors are professionals who are responsible for managing the documenting processes and systems of an organization. These processors are required to organize documents after they have received and processed incoming documents such as texts and audio-visual formats. They must follow the data program techniques and procedures so that they can maintain data entry requirements and ensure quality assurance with all work completed. Document processors must also adhere to companies when handling materials, especially those with confidential information.
Loan processors and document processors have different pay scales, as shown below.
| Loan Processor | Document Processor | |
| Average salary | $38,122 | $32,730 |
| Salary range | Between $28,000 And $50,000 | Between $26,000 And $40,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | West Virginia | Massachusetts |
| Best paying company | Stanford University | Pfizer |
| Best paying industry | Finance | Insurance |
There are a few differences between a loan processor and a document processor in terms of educational background:
| Loan Processor | Document Processor | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan processors' and document processors' demographics:
| Loan Processor | Document Processor | |
| Average age | 42 | 50 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 28.9% Female, 71.1% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |