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The differences between senior loan processors and loan analysts 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 analyst. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Senior Loan Processor | Loan Analyst | |
| Yearly salary | $50,297 | $37,857 |
| Hourly rate | $24.18 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Senior loan processors and loan analysts have different pay scales, as shown below.
| Senior Loan Processor | Loan Analyst | |
| Average salary | $50,297 | $37,857 |
| Salary range | Between $33,000 And $75,000 | Between $24,000 And $58,000 |
| Highest paying City | Baltimore, MD | Raleigh, NC |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | Accenture | Barclays |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a loan analyst in terms of educational background:
| Senior Loan Processor | Loan Analyst | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan analysts' demographics:
| Senior Loan Processor | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |