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The differences between mortgage assistants and mortgage 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 processor. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Mortgage Assistant | Mortgage Processor | |
| Yearly salary | $33,961 | $40,527 |
| Hourly rate | $16.33 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 5,147 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| 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 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 assistants and mortgage processors have different pay scales, as shown below.
| Mortgage Assistant | Mortgage Processor | |
| Average salary | $33,961 | $40,527 |
| Salary range | Between $26,000 And $43,000 | Between $31,000 And $52,000 |
| Highest paying City | Rockville, MD | Phoenix, AZ |
| Highest paying state | West Virginia | Arizona |
| Best paying company | DFCU Financial | CyberCoders |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage assistant and a mortgage processor in terms of educational background:
| Mortgage Assistant | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and mortgage processors' demographics:
| Mortgage Assistant | Mortgage Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |