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The differences between mortgage loan processors and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage loan processor, becoming a loan analyst takes usually requires 4-6 years. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Mortgage Loan Processor | Loan Analyst | |
| Yearly salary | $43,594 | $37,857 |
| Hourly rate | $20.96 | $18.20 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Mortgage loan processors and loan analysts have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Analyst | |
| Average salary | $43,594 | $37,857 |
| Salary range | Between $33,000 And $57,000 | Between $24,000 And $58,000 |
| Highest paying City | San Francisco, CA | Raleigh, NC |
| Highest paying state | Massachusetts | South Dakota |
| Best paying company | Amplify Credit Union | Barclays |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a loan analyst in terms of educational background:
| Mortgage Loan Processor | Loan Analyst | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and loan analysts' demographics:
| Mortgage Loan Processor | Loan Analyst | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 43.2% Female, 56.8% |
| Race ratio | 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% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |