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The differences between mortgage loan processors and loan originators 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 originator takes usually requires 4-6 years. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan originator are customer service, origination, and FHA.
| Mortgage Loan Processor | Loan Originator | |
| Yearly salary | $43,594 | $41,291 |
| Hourly rate | $20.96 | $19.85 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 10,716 |
| Job satisfaction | - | - |
| 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.
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Mortgage loan processors and loan originators have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Originator | |
| Average salary | $43,594 | $41,291 |
| Salary range | Between $33,000 And $57,000 | Between $28,000 And $60,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Massachusetts | South Dakota |
| Best paying company | Amplify Credit Union | Centennial Bank |
| Best paying industry | Professional | Transportation |
There are a few differences between a mortgage loan processor and a loan originator in terms of educational background:
| Mortgage Loan Processor | Loan Originator | |
| 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 originators' demographics:
| Mortgage Loan Processor | Loan Originator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |