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The differences between processors and mortgage 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 processor takes usually requires 2-4 years. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Processor | Mortgage Processor | |
| Yearly salary | $32,098 | $40,527 |
| Hourly rate | $15.43 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,448 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 52% |
| Average age | 50 | 42 |
| Years of experience | 12 | 4 |
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.
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.
Processors and mortgage processors have different pay scales, as shown below.
| Processor | Mortgage Processor | |
| Average salary | $32,098 | $40,527 |
| Salary range | Between $24,000 And $41,000 | Between $31,000 And $52,000 |
| Highest paying City | Randolph, MA | Phoenix, AZ |
| Highest paying state | California | Arizona |
| Best paying company | Argonne National Laboratory | CyberCoders |
| Best paying industry | Finance | Professional |
There are a few differences between a processor and a mortgage processor in terms of educational background:
| Processor | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between processors' and mortgage processors' demographics:
| Processor | Mortgage Processor | |
| Average age | 50 | 42 |
| Gender ratio | Male, 34.0% Female, 66.0% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |