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The differences between mortgage assistants and mortgage 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 mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Mortgage Assistant | Mortgage Loan Processor | |
| Yearly salary | $33,961 | $43,594 |
| Hourly rate | $16.33 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 5,147 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 50% |
| 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 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 assistants and mortgage loan processors have different pay scales, as shown below.
| Mortgage Assistant | Mortgage Loan Processor | |
| Average salary | $33,961 | $43,594 |
| Salary range | Between $26,000 And $43,000 | Between $33,000 And $57,000 |
| Highest paying City | Rockville, MD | San Francisco, CA |
| Highest paying state | West Virginia | Massachusetts |
| Best paying company | DFCU Financial | Amplify Credit Union |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage assistant and a mortgage loan processor in terms of educational background:
| Mortgage Assistant | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and mortgage loan processors' demographics:
| Mortgage Assistant | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 21.7% Female, 78.3% |
| 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, 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 | 7% | 7% |