Processor vs mortgage loan processor

The differences between processors and mortgage loan processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a processor, becoming a mortgage loan processor takes usually requires 2-4 years. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $32,098 average annual salary of a processor.

The top three skills for a processor include data entry, customer service and patients. The most important skills for a mortgage loan processor are customer service, FHA, and va.

Processor vs mortgage loan processor overview

	Processor	Mortgage Loan Processor
Yearly salary	$32,098	$43,594
Hourly rate	$15.43	$20.96
Growth rate	-3%	-3%
Number of jobs	11,448	16,276
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 50%
Average age	50	42
Years of experience	12	4

What does a processor do?

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.

What does a mortgage loan processor do?

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.

Processor vs mortgage loan processor salary

Processors and mortgage loan processors have different pay scales, as shown below.

	Processor	Mortgage Loan Processor
Average salary	$32,098	$43,594
Salary range	Between $24,000 And $41,000	Between $33,000 And $57,000
Highest paying City	Randolph, MA	San Francisco, CA
Highest paying state	California	Massachusetts
Best paying company	Argonne National Laboratory	Amplify Credit Union
Best paying industry	Finance	Professional

Differences between processor and mortgage loan processor education

There are a few differences between a processor and a mortgage loan processor in terms of educational background:

	Processor	Mortgage Loan Processor
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 50%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Processor vs mortgage loan processor demographics

Here are the differences between processors' and mortgage loan processors' demographics:

	Processor	Mortgage Loan Processor
Average age	50	42
Gender ratio	Male, 34.0% Female, 66.0%	Male, 21.7% Female, 78.3%
Race ratio	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%	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%
LGBT Percentage	7%	7%

Differences between processor and mortgage loan processor duties and responsibilities

Processor example responsibilities.

Manage the project schedule and design the PowerPoint presentation.
Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
Manage the ordering of homeowner's association estoppel letters for payoffs; as well as surveys and clear lien searches.
Obtain title policies and process title claims to expedite REO closings and obtain clear title to properties in numerous states.
Mail clerk, stamp, open, count mail and match checks with EOB 's

Mortgage loan processor example responsibilities.

Manage individual pipeline using the LPS system.
Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Process all types of loan products including FHA, VA, conventional, no income verification, and the self-employed borrower.
Assist with executing all loan sales in the secondary market to FNMA, FHLMC and private investors.
Verify and validate loan applications for conforming, FHA, VA applications via DU/LP and complex lender software programs.
Process USDA and conventional loans.

Processor vs mortgage loan processor skills

Common processor skills

Data Entry, 19%
Customer Service, 18%
Patients, 11%
Standard Operating Procedure, 6%
Strong Customer Service, 5%
Bank Deposits, 5%

Common mortgage loan processor skills

Customer Service, 22%
FHA, 6%
Va, 6%
Property Appraisals, 5%
Excellent Organizational, 5%
Investor Guidelines, 5%

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Processor vs Mortgage Loan Processor

Updated January 8, 2025

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