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The differences between mortgage loan processors and loan officers 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 officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $43,594 average annual salary of a mortgage loan processor.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan officer are customer service, origination, and loan origination.
| Mortgage Loan Processor | Loan Officer | |
| Yearly salary | $43,594 | $45,817 |
| Hourly rate | $20.96 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Mortgage loan processors and loan officers have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Officer | |
| Average salary | $43,594 | $45,817 |
| Salary range | Between $33,000 And $57,000 | Between $30,000 And $69,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Amplify Credit Union | Bangor Savings Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a loan officer in terms of educational background:
| Mortgage Loan Processor | Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and loan officers' demographics:
| Mortgage Loan Processor | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |