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The differences between mortgage analysts and mortgage loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage analyst, 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 $32,763 average annual salary of a mortgage analyst.
The top three skills for a mortgage analyst include origination, financial statements and excellent organizational. The most important skills for a mortgage loan processor are customer service, FHA, and va.
| Mortgage Analyst | Mortgage Loan Processor | |
| Yearly salary | $32,763 | $43,594 |
| Hourly rate | $15.75 | $20.96 |
| Growth rate | 4% | -3% |
| Number of jobs | 22,208 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 50% |
| Average age | 39 | 42 |
| Years of experience | 2 | 4 |
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
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.
Mortgage analysts and mortgage loan processors have different pay scales, as shown below.
| Mortgage Analyst | Mortgage Loan Processor | |
| Average salary | $32,763 | $43,594 |
| Salary range | Between $13,000 And $77,000 | Between $33,000 And $57,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | Massachusetts |
| Best paying company | Citi | Amplify Credit Union |
| Best paying industry | - | Professional |
There are a few differences between a mortgage analyst and a mortgage loan processor in terms of educational background:
| Mortgage Analyst | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and mortgage loan processors' demographics:
| Mortgage Analyst | Mortgage Loan Processor | |
| Average age | 39 | 42 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 21.7% Female, 78.3% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 9.6% White, 69.3% American Indian and Alaska Native, 0.3% | 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 | 11% | 7% |