Mortgage clerk vs mortgage processor

The differences between mortgage clerks 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 clerk and a mortgage processor. Additionally, a mortgage processor has an average salary of $40,527, 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 mortgage processor are customer service, FHA, and va.

Mortgage clerk vs mortgage processor overview

	Mortgage Clerk	Mortgage Processor
Yearly salary	$31,722	$40,527
Hourly rate	$15.25	$19.48
Growth rate	-3%	-3%
Number of jobs	69,111	9,057
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 52%
Average age	42	42
Years of experience	4	4

Mortgage clerk vs mortgage processor salary

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

	Mortgage Clerk	Mortgage Processor
Average salary	$31,722	$40,527
Salary range	Between $25,000 And $40,000	Between $31,000 And $52,000
Highest paying City	Highlands Ranch, CO	Phoenix, AZ
Highest paying state	Maryland	Arizona
Best paying company	Kelly Services	CyberCoders
Best paying industry	Finance	Professional

Differences between mortgage clerk and mortgage processor education

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

	Mortgage Clerk	Mortgage Processor
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 52%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage clerk vs mortgage processor demographics

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

	Mortgage Clerk	Mortgage Processor
Average age	42	42
Gender ratio	Male, 25.5% Female, 74.5%	Male, 24.2% Female, 75.8%
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, 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%

Differences between mortgage clerk and mortgage 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.

Mortgage processor example responsibilities.

Manage applicant s mortgage applications from origination to closing, ensuring service excellence and adhering to federal and compliance guidelines
Function in processing role for streamline first market mortgage transactions pursuant to Fannie, Freddie, VA and FHA policy guidelines.
Support FNMA portfolio loans in default and imminent default loans with a focus on loan modifications.
Work directly with FNMA counselors to negotiate mortgage terms for the homeowner that will prevent foreclosure.
Comply with bank, investor and regulatory guidelines while having a strong understanding of RESPA, HDMA, and ECOA guidelines.
Generate accurate RESPA require disclosures.

Mortgage clerk vs mortgage 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 mortgage processor skills

Customer Service, 24%
FHA, 6%
Va, 6%
Underwriting Guidelines, 6%
Property Appraisals, 6%
Origination, 5%