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The differences between mortgage assistants 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 mortgage assistant and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $33,961 average annual salary of a mortgage assistant.
The top three skills for a mortgage assistant include data entry, mortgage loans and loan applications. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Mortgage Assistant | Loan Processor | |
| Yearly salary | $33,961 | $38,122 |
| Hourly rate | $16.33 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 5,147 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 46% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage assistant, sometimes referred to as a loan officer assistant, works directly with clients and members of the office to meet set organization goals. Their key responsibilities include reviewing loan applications, preparing letters for credit for clients, offering administrative support to supervising loan officers, and providing customer service to clients. They are also required to use computer programs to track loan processing and billing. This role requires customer service experience and knowledge of relevant computer software.
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.
Mortgage assistants and loan processors have different pay scales, as shown below.
| Mortgage Assistant | Loan Processor | |
| Average salary | $33,961 | $38,122 |
| Salary range | Between $26,000 And $43,000 | Between $28,000 And $50,000 |
| Highest paying City | Rockville, MD | San Francisco, CA |
| Highest paying state | West Virginia | West Virginia |
| Best paying company | DFCU Financial | Stanford University |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage assistant and a loan processor in terms of educational background:
| Mortgage Assistant | Loan Processor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and loan processors' demographics:
| Mortgage Assistant | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 20.6% Female, 79.4% |
| Race ratio | Black or African American, 12.0% Unknown, 4.4% Hispanic or Latino, 13.7% Asian, 7.9% White, 61.5% 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% |