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The differences between mortgage loan processors 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 loan processor and a mortgage processor. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a mortgage processor are customer service, FHA, and va.
| Mortgage Loan Processor | Mortgage Processor | |
| Yearly salary | $43,594 | $40,527 |
| Hourly rate | $20.96 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,276 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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 mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Mortgage loan processors and mortgage processors have different pay scales, as shown below.
| Mortgage Loan Processor | Mortgage Processor | |
| Average salary | $43,594 | $40,527 |
| Salary range | Between $33,000 And $57,000 | Between $31,000 And $52,000 |
| Highest paying City | San Francisco, CA | Phoenix, AZ |
| Highest paying state | Massachusetts | Arizona |
| Best paying company | Amplify Credit Union | CyberCoders |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage loan processor and a mortgage processor in terms of educational background:
| Mortgage Loan Processor | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and mortgage processors' demographics:
| Mortgage Loan Processor | Mortgage Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 24.2% Female, 75.8% |
| 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, 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% |