Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan processors and loan officers 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 officer. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan officer are customer service, origination, and loan origination.
| Senior Loan Processor | Loan Officer | |
| Yearly salary | $50,297 | $45,817 |
| Hourly rate | $24.18 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Senior loan processors and loan officers have different pay scales, as shown below.
| Senior Loan Processor | Loan Officer | |
| Average salary | $50,297 | $45,817 |
| Salary range | Between $33,000 And $75,000 | Between $30,000 And $69,000 |
| Highest paying City | Baltimore, MD | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Accenture | Bangor Savings Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a loan officer in terms of educational background:
| Senior Loan Processor | Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan officers' demographics:
| Senior Loan Processor | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |