Loan secretary vs mortgage processor

The differences between loan secretaries 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 secretary and a mortgage processor. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a mortgage processor are customer service, FHA, and va.

Loan secretary vs mortgage processor overview

	Loan Secretary	Mortgage Processor
Yearly salary	$35,271	$40,527
Hourly rate	$16.96	$19.48
Growth rate	-3%	-3%
Number of jobs	15,452	9,057
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 52%
Average age	42	42
Years of experience	4	4

Loan secretary vs mortgage processor salary

Loan secretaries and mortgage processors have different pay scales, as shown below.

	Loan Secretary	Mortgage Processor
Average salary	$35,271	$40,527
Salary range	Between $26,000 And $46,000	Between $31,000 And $52,000
Highest paying City	-	Phoenix, AZ
Highest paying state	-	Arizona
Best paying company	-	CyberCoders
Best paying industry	-	Professional

Differences between loan secretary and mortgage processor education

There are a few differences between a loan secretary and a mortgage processor in terms of educational background:

	Loan Secretary	Mortgage Processor
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 52%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs mortgage processor demographics

Here are the differences between loan secretaries' and mortgage processors' demographics:

	Loan Secretary	Mortgage Processor
Average age	42	42
Gender ratio	Male, 3.6% Female, 96.4%	Male, 24.2% Female, 75.8%
Race ratio	Black or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%	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%

Differences between loan secretary and mortgage processor duties and responsibilities

Loan secretary example responsibilities.

Prepare and file UCC's and title applications.
Process auto title work, life insurance, UCC filing and recording.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Determine loan DU eligibility and submit files to underwriting department.

Mortgage processor example responsibilities.

Manage applicant s mortgage applications from origination to closing, ensuring service excellence and adhering to federal and compliance guidelines
Function in processing role for streamline first market mortgage transactions pursuant to Fannie, Freddie, VA and FHA policy guidelines.
Support FNMA portfolio loans in default and imminent default loans with a focus on loan modifications.
Work directly with FNMA counselors to negotiate mortgage terms for the homeowner that will prevent foreclosure.
Comply with bank, investor and regulatory guidelines while having a strong understanding of RESPA, HDMA, and ECOA guidelines.
Generate accurate RESPA require disclosures.

Loan secretary vs mortgage processor skills

Common loan secretary skills

Customer Service, 28%
Real Estate Loans, 8%
Financial Statements, 8%
Commercial Loans, 6%
Credit Reports, 6%
Computer System, 4%

Common mortgage processor skills

Customer Service, 24%
FHA, 6%
Va, 6%
Underwriting Guidelines, 6%
Property Appraisals, 6%
Origination, 5%