Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan processors and mortgage loan processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan processor and a mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a mortgage loan processor are customer service, FHA, and va.
| Loan Processor | Mortgage Loan Processor | |
| Yearly salary | $38,122 | $43,594 |
| Hourly rate | $18.33 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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.
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Loan processors and mortgage loan processors have different pay scales, as shown below.
| Loan Processor | Mortgage Loan Processor | |
| Average salary | $38,122 | $43,594 |
| Salary range | Between $28,000 And $50,000 | Between $33,000 And $57,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | West Virginia | Massachusetts |
| Best paying company | Stanford University | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a loan processor and a mortgage loan processor in terms of educational background:
| Loan Processor | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and mortgage loan processors' demographics:
| Loan Processor | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 21.7% Female, 78.3% |
| 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, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |