Mortgage clerk vs loan processor

The differences between mortgage clerks 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 clerk and a loan processor. Additionally, a loan processor has an average salary of $38,122, which is higher than the $31,722 average annual salary of a mortgage clerk.

The top three skills for a mortgage clerk include data entry, outbound calls and real estate. The most important skills for a loan processor are loan applications, customer service, and property appraisals.

Mortgage clerk vs loan processor overview

	Mortgage Clerk	Loan Processor
Yearly salary	$31,722	$38,122
Hourly rate	$15.25	$18.33
Growth rate	-3%	-3%
Number of jobs	69,111	16,228
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 46%
Average age	42	42
Years of experience	4	4

Mortgage clerk vs loan processor salary

Mortgage clerks and loan processors have different pay scales, as shown below.

	Mortgage Clerk	Loan Processor
Average salary	$31,722	$38,122
Salary range	Between $25,000 And $40,000	Between $28,000 And $50,000
Highest paying City	Highlands Ranch, CO	San Francisco, CA
Highest paying state	Maryland	West Virginia
Best paying company	Kelly Services	Stanford University
Best paying industry	Finance	Finance

Differences between mortgage clerk and loan processor education

There are a few differences between a mortgage clerk and a loan processor in terms of educational background:

	Mortgage Clerk	Loan Processor
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 46%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage clerk vs loan processor demographics

Here are the differences between mortgage clerks' and loan processors' demographics:

	Mortgage Clerk	Loan Processor
Average age	42	42
Gender ratio	Male, 25.5% Female, 74.5%	Male, 20.6% Female, 79.4%
Race ratio	Black or African American, 12.9% Unknown, 4.6% Hispanic or Latino, 13.9% Asian, 7.3% White, 60.8% American Indian and Alaska Native, 0.5%	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%

Differences between mortgage clerk and loan processor duties and responsibilities

Mortgage clerk example responsibilities.

Demonstrate strong math skills in managing inmate s accounts and calmly and effectively deescalating outbursts of belligerent inmates.
Insure government loans utilizing VA and FHA website.
Team player with imaging area and completing deliver FNMA, PNC.
Maintain cleanliness of the company warehouse, operate warehouse machinery and organize the warehouse to ensure proper product placement.
Process and underwrite conventional purchase and refinance mortgage transactions primarily under FHLMC guidelines in a centralize regional operations center.

Loan processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Review and verify documentation consistent with company policies and compliance of FNMA, FHLMC, FHA/VA, USDA guidelines.
Gather all documentation necessary to process mortgage loans in accordance with FNMA and credit union guidelines/requirements.
Disclose and re-disclose the LE's and Prelim TRID require CD.
Upload monthly reports to FHLMC including principal & interest reports, delinquent loans and appraisals.
Ensure conditions on USDA commitments are met and loan files are prepared for closing on time.

Mortgage clerk vs loan processor skills

Common mortgage clerk skills

Data Entry, 68%
Outbound Calls, 9%
Real Estate, 4%
Telephone Calls, 4%
Tax Payments, 2%
Computer System, 2%

Common loan processor skills

Loan Applications, 22%
Customer Service, 20%
Property Appraisals, 5%
Mortgage Loans, 5%
Credit Reports, 5%
FHA, 4%