Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan processors and loan managers 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 manager. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $39,623 average annual salary of a loan manager.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan manager are loan applications, customer service, and real estate.
| Senior Loan Processor | Loan Manager | |
| Yearly salary | $50,297 | $39,623 |
| Hourly rate | $24.18 | $19.05 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 11,965 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 59% |
| 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 manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Senior loan processors and loan managers have different pay scales, as shown below.
| Senior Loan Processor | Loan Manager | |
| Average salary | $50,297 | $39,623 |
| Salary range | Between $33,000 And $75,000 | Between $27,000 And $58,000 |
| Highest paying City | Baltimore, MD | Jersey City, NJ |
| Highest paying state | Hawaii | New Jersey |
| Best paying company | Accenture | Pacific Investment Management Company LLC |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a loan manager in terms of educational background:
| Senior Loan Processor | Loan Manager | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan managers' demographics:
| Senior Loan Processor | Loan Manager | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 46.5% Female, 53.5% |
| 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |