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The differences between mortgage analysts and mortgage 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 processor takes usually requires 2-4 years. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Mortgage Analyst | Mortgage Processor | |
| Yearly salary | $32,763 | $40,527 |
| Hourly rate | $15.75 | $19.48 |
| Growth rate | 4% | -3% |
| Number of jobs | 22,208 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 52% |
| 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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Mortgage analysts and mortgage processors have different pay scales, as shown below.
| Mortgage Analyst | Mortgage Processor | |
| Average salary | $32,763 | $40,527 |
| Salary range | Between $13,000 And $77,000 | Between $31,000 And $52,000 |
| Highest paying City | New York, NY | Phoenix, AZ |
| Highest paying state | New York | Arizona |
| Best paying company | Citi | CyberCoders |
| Best paying industry | - | Professional |
There are a few differences between a mortgage analyst and a mortgage processor in terms of educational background:
| Mortgage Analyst | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and mortgage processors' demographics:
| Mortgage Analyst | Mortgage Processor | |
| Average age | 39 | 42 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 11% | 7% |