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The differences between mortgage originators and 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 processor takes usually requires 6-12 months. Additionally, a processor has an average salary of $32,098, 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 processor are data entry, customer service, and patients.
| Mortgage Originator | Processor | |
| Yearly salary | $31,380 | $32,098 |
| Hourly rate | $15.09 | $15.43 |
| Growth rate | 4% | -3% |
| Number of jobs | 11,164 | 11,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 35% |
| Average age | 45 | 50 |
| Years of experience | 6 | 12 |
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.
Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.
Mortgage originators and processors have different pay scales, as shown below.
| Mortgage Originator | Processor | |
| Average salary | $31,380 | $32,098 |
| Salary range | Between $16,000 And $57,000 | Between $24,000 And $41,000 |
| Highest paying City | - | Randolph, MA |
| Highest paying state | - | California |
| Best paying company | - | Argonne National Laboratory |
| Best paying industry | - | Finance |
There are a few differences between a mortgage originator and a processor in terms of educational background:
| Mortgage Originator | Processor | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between mortgage originators' and processors' demographics:
| Mortgage Originator | Processor | |
| Average age | 45 | 50 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 34.0% Female, 66.0% |
| 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, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1% |
| LGBT Percentage | 8% | 7% |