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The differences between mortgage processors and loan officers 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 processor, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a loan officer are customer service, origination, and loan origination.
| Mortgage Processor | Loan Officer | |
| Yearly salary | $40,527 | $45,817 |
| Hourly rate | $19.48 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 9,057 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 61% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Mortgage processors and loan officers have different pay scales, as shown below.
| Mortgage Processor | Loan Officer | |
| Average salary | $40,527 | $45,817 |
| Salary range | Between $31,000 And $52,000 | Between $30,000 And $69,000 |
| Highest paying City | Phoenix, AZ | New York, NY |
| Highest paying state | Arizona | New York |
| Best paying company | CyberCoders | Bangor Savings Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a loan officer in terms of educational background:
| Mortgage Processor | Loan Officer | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and loan officers' demographics:
| Mortgage Processor | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 55.3% Female, 44.7% |
| Race ratio | 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% | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |