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The differences between loan reviewers and mortgage 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 mortgage loan processor takes usually requires 2-4 years. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Loan Reviewer | Mortgage Loan Processor | |
| Yearly salary | $31,175 | $43,594 |
| Hourly rate | $14.99 | $20.96 |
| Growth rate | 4% | -3% |
| Number of jobs | 14,737 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| 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 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 reviewers and mortgage loan processors have different pay scales, as shown below.
| Loan Reviewer | Mortgage Loan Processor | |
| Average salary | $31,175 | $43,594 |
| Salary range | Between $24,000 And $39,000 | Between $33,000 And $57,000 |
| Highest paying City | Olympia, WA | San Francisco, CA |
| Highest paying state | Washington | Massachusetts |
| Best paying company | Citizens Alliance | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a loan reviewer and a mortgage loan processor in terms of educational background:
| Loan Reviewer | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan reviewers' and mortgage loan processors' demographics:
| Loan Reviewer | Mortgage Loan Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 21.7% Female, 78.3% |
| 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, 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 | 8% | 7% |