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The differences between senior loan processors and loan administrators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a senior loan processor and a loan administrator. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Senior Loan Processor | Loan Administrator | |
| Yearly salary | $50,297 | $42,859 |
| Hourly rate | $24.18 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 58% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Senior loan processors and loan administrators have different pay scales, as shown below.
| Senior Loan Processor | Loan Administrator | |
| Average salary | $50,297 | $42,859 |
| Salary range | Between $33,000 And $75,000 | Between $31,000 And $59,000 |
| Highest paying City | Baltimore, MD | Seattle, WA |
| Highest paying state | Hawaii | Hawaii |
| Best paying company | Accenture | BNY Mellon |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a loan administrator in terms of educational background:
| Senior Loan Processor | Loan Administrator | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan administrators' demographics:
| Senior Loan Processor | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 23.2% Female, 76.8% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |