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The differences between mortgage loan processors and senior loan processors 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 senior loan processor takes usually requires 4-6 years. Additionally, a senior loan processor has an average salary of $50,297, 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 senior loan processor are customer service, FHA, and va.
| Mortgage Loan Processor | Senior Loan Processor | |
| Yearly salary | $43,594 | $50,297 |
| Hourly rate | $20.96 | $24.18 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 21,995 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| 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 senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Mortgage loan processors and senior loan processors have different pay scales, as shown below.
| Mortgage Loan Processor | Senior Loan Processor | |
| Average salary | $43,594 | $50,297 |
| Salary range | Between $33,000 And $57,000 | Between $33,000 And $75,000 |
| Highest paying City | San Francisco, CA | Baltimore, MD |
| Highest paying state | Massachusetts | Hawaii |
| Best paying company | Amplify Credit Union | Accenture |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage loan processor and a senior loan processor in terms of educational background:
| Mortgage Loan Processor | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and senior loan processors' demographics:
| Mortgage Loan Processor | Senior Loan Processor | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 23.0% Female, 77.0% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |