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The differences between loan processors and senior loan 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 senior loan processor takes usually requires 4-6 years. Additionally, a senior loan processor has an average salary of $50,297, 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 senior loan processor are customer service, FHA, and va.
| Loan Processor | Senior Loan Processor | |
| Yearly salary | $38,122 | $50,297 |
| Hourly rate | $18.33 | $24.18 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,228 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 50% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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 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 processors and senior loan processors have different pay scales, as shown below.
| Loan Processor | Senior Loan Processor | |
| Average salary | $38,122 | $50,297 |
| Salary range | Between $28,000 And $50,000 | Between $33,000 And $75,000 |
| Highest paying City | San Francisco, CA | Baltimore, MD |
| Highest paying state | West Virginia | Hawaii |
| Best paying company | Stanford University | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a loan processor and a senior loan processor in terms of educational background:
| Loan Processor | Senior 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 senior loan processors' demographics:
| Loan Processor | Senior Loan Processor | |
| Average age | 42 | 45 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 23.0% Female, 77.0% |
| 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, 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 | 7% | 8% |