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The differences between mortgage originators and mortgage processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a mortgage originator, becoming a mortgage processor takes usually requires 2-4 years. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $31,380 average annual salary of a mortgage originator.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a mortgage processor are customer service, FHA, and va.
| Mortgage Originator | Mortgage Processor | |
| Yearly salary | $31,380 | $40,527 |
| Hourly rate | $15.09 | $19.48 |
| Growth rate | 4% | -3% |
| Number of jobs | 11,164 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 52% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A Mortgage Originator is someone who will work with a borrower to process and complete a home loan application. They work closely with loan processors and underwriters to collect the required documentation until it is approved. Mortgage Origniators are responsible for guiding clients through the approval stage by assisting them with the paperwork, determining the loan amount, and taking and verifying documentation. They guide borrowers in deciding which mortgage type is right for them.
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 originators and mortgage processors have different pay scales, as shown below.
| Mortgage Originator | Mortgage Processor | |
| Average salary | $31,380 | $40,527 |
| Salary range | Between $16,000 And $57,000 | Between $31,000 And $52,000 |
| Highest paying City | - | Phoenix, AZ |
| Highest paying state | - | Arizona |
| Best paying company | - | CyberCoders |
| Best paying industry | - | Professional |
There are a few differences between a mortgage originator and a mortgage processor in terms of educational background:
| Mortgage Originator | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and mortgage processors' demographics:
| Mortgage Originator | Mortgage Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 24.2% Female, 75.8% |
| Race ratio | Black or African American, 10.0% Unknown, 4.7% Hispanic or Latino, 15.2% Asian, 6.1% White, 63.5% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |