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The differences between loan processors and mortgage 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 processor. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Loan Processor | Mortgage Processor | |
| Yearly salary | $38,122 | $40,527 |
| Hourly rate | $18.33 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 52% |
| 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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Loan processors and mortgage processors have different pay scales, as shown below.
| Loan Processor | Mortgage Processor | |
| Average salary | $38,122 | $40,527 |
| Salary range | Between $28,000 And $50,000 | Between $31,000 And $52,000 |
| Highest paying City | San Francisco, CA | Phoenix, AZ |
| Highest paying state | West Virginia | Arizona |
| Best paying company | Stanford University | CyberCoders |
| Best paying industry | Finance | Professional |
There are a few differences between a loan processor and a mortgage processor in terms of educational background:
| Loan Processor | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and mortgage processors' demographics:
| Loan Processor | Mortgage Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |