Processor vs senior loan processor

The differences between processors and senior 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 senior loan processor takes usually requires 4-6 years. Additionally, a senior loan processor has an average salary of $50,297, 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 senior loan processor are customer service, FHA, and va.

Processor vs senior loan processor overview

	Processor	Senior Loan Processor
Yearly salary	$32,098	$50,297
Hourly rate	$15.43	$24.18
Growth rate	-3%	4%
Number of jobs	11,448	21,995
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 50%
Average age	50	45
Years of experience	12	6

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 senior loan processor do?

A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.

Processor vs senior loan processor salary

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

	Processor	Senior Loan Processor
Average salary	$32,098	$50,297
Salary range	Between $24,000 And $41,000	Between $33,000 And $75,000
Highest paying City	Randolph, MA	Baltimore, MD
Highest paying state	California	Hawaii
Best paying company	Argonne National Laboratory	Accenture
Best paying industry	Finance	Professional

Differences between processor and senior loan processor education

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

	Processor	Senior 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 senior loan processor demographics

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

	Processor	Senior Loan Processor
Average age	50	45
Gender ratio	Male, 34.0% Female, 66.0%	Male, 23.0% Female, 77.0%
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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	8%

Differences between processor and senior 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

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Senior loan processor example responsibilities.

Work knowledge of underwriting requirements for FNMA, FHLMC, FHA, VA, local bonding programs, and private investors.
Monitor compliance with the regulatory and secondary markets guidelines with FNMA, FHLMC, VA, FHA investors and PMI loans.
Process conforming, non-conforming, FHA, and VA files from the time of application to the day of funding.
Analyze all pertinent financial and credit data to determine the loan risk for bank, VA, and investor guidelines.
Process, close, and perform preliminary underwriting on conventional, FHA, and VA loans retail purchase and refinance.
Create charts and client files using calyx system.

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Processor vs senior 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 senior loan processor skills

Customer Service, 14%
FHA, 8%
Va, 8%
Property Appraisals, 6%
Calculate Income, 6%
Loan Applications, 6%

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Updated January 8, 2025

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