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The differences between loan specialists and loan 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 specialist and a loan processor. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Loan Specialist | Loan Processor | |
| Yearly salary | $43,081 | $38,122 |
| Hourly rate | $20.71 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 46% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and loan processors have different pay scales, as shown below.
| Loan Specialist | Loan Processor | |
| Average salary | $43,081 | $38,122 |
| Salary range | Between $26,000 And $68,000 | Between $28,000 And $50,000 |
| Highest paying City | Mount Laurel, NJ | San Francisco, CA |
| Highest paying state | Maryland | West Virginia |
| Best paying company | FNB | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan processor in terms of educational background:
| Loan Specialist | Loan Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan processors' demographics:
| Loan Specialist | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |