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The differences between loan reviewers and loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan reviewer, becoming a loan processor takes usually requires 2-4 years. Additionally, a loan processor has an average salary of $38,122, which is higher than the $31,175 average annual salary of a loan reviewer.
The top three skills for a loan reviewer include loan review, real estate and data entry. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Loan Reviewer | Loan Processor | |
| Yearly salary | $31,175 | $38,122 |
| Hourly rate | $14.99 | $18.33 |
| Growth rate | 4% | -3% |
| Number of jobs | 14,737 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 46% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A loan reviewer is a person who evaluates and reviews the loan application of clients based on their loan capacity and capability to pay. They are responsible for assessing needed documents and ensures compliance with the regulation and policies of a bank or credit cooperative. A loan reviewer also verifies if the loan procedure is properly implemented. They have other responsibilities such as identifying loan problems, reviewing other banking processes, and reporting fraudulent claims. A representative also records and keeps the data needed for further analysis.
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.
Loan reviewers and loan processors have different pay scales, as shown below.
| Loan Reviewer | Loan Processor | |
| Average salary | $31,175 | $38,122 |
| Salary range | Between $24,000 And $39,000 | Between $28,000 And $50,000 |
| Highest paying City | Olympia, WA | San Francisco, CA |
| Highest paying state | Washington | West Virginia |
| Best paying company | Citizens Alliance | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a loan reviewer and a loan processor in terms of educational background:
| Loan Reviewer | Loan Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan reviewers' and loan processors' demographics:
| Loan Reviewer | Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.4% White, 63.6% American Indian and Alaska Native, 0.5% | 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% |
| LGBT Percentage | 8% | 7% |